CBRE

FIGURES|MIAMIINDUSTRIAL|Q42025

Year-endFundamentalsPointto

ImprovingMarketBalance

r6.5%

TotalVacancy(Q)

391,930

SFNetAbsorption(Q)

4,069,438

SFConstruction(Q)

1,649,395

SFDelivered(Q)

$16.70

NNN/LeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

Markethighlights

?Leasingactivityincreasedattheupperendofthemarket,with31transactionsover

100,000SFcompletedin2025,comparedwith16suchdealsin2024,reflectingcontinuedengagementfromlargeroccupiers.

?Vacancytrendedhigherovertheyear,influencedbyelevateddeliveries,withavailabilityremainingunevenacrosssubmarketsandmoreconcentratedwithinlarger-format

product.

?Askingrentsremainedelevated,withrecentmovementsincreasinglyshapedbyhigheroperatingexpenses,whileunderlyingbaserentgrowthhasshownsignsofleveling.

?Developmentactivitybegantomoderate,followingseveralyearsofelevatedconstruction,providingclearervisibilityonhowrecentlydeliveredspaceisbeingabsorbed.

Vacancyrate

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

FIGURE1:HistoricalAbsorption,DeliveriesandVacancy

Squarefeet(inmillions)

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

20182019202020212022202320242025

NetAbsorption(sq.ft.)Deliveries(sq.ft.)VacancyRate(%)

Source:CBRE.com

1CBRERESEARCH?2026CBRE,INC.

FIGURES|MARKETSECTOR|Q42025

2CBRERESEARCH?2026CBRE,INC.

Demand&Supply

Miami-DadeCountyclosed2025withsteadybutmoderatingindustrialdemand,

reflectingayear-endenvironmentshapedbyactiveleasingalongsidelongertenantdecisiontimelines.Netabsorptiontotaledapproximately1.77millionsquarefeetfortheyear,markingameaningfulimprovementfrom2024.Demandremained

concentratedwithincorelogisticssubmarketsincludingMedley,MiamiLakes,

Airport/Doral,andNorthCentralDade,wherescale,infrastructure,andproximitycontinuetosupporttenantactivity.

Leasingactivitystrengthenedmeaningfullyattheupperendofthemarket,with31

transactionsexceeding100,000squarefeetin2025,nearlydoublethe16deals

recordedin2024.NotabletransactionsincludedFood&Beveragetenant792,000-

square-footlease,DELValleBrands’216,000-square-footlease,andAerotechOps’

150,000-square-footlease,alongsideadditionalactivityfromlogistics,aviation-

related,andfooddistributionusers.Onthesupplyside,approximately3.7million

squarefeetdeliveredin2025,reflectingelevateddevelopmentlevelscarriedover

fromprioryears.Whilesupplyhasremainedslightlyaheadofdemand,constructionactivityhasmoderated,positioningthemarkettograduallyabsorbexistinginventory.

Vacancy&Pricing

Vacancyincreasedoverthecourseof2025,closingQ4atapproximately6.5%,as

recentlydeliveredspaceenteredthemarketaheadoflease-up.Availabilitywasmostpronouncedwithinlarger-formatandmid-sizebuildings,whileinfilllocations

continuedtoexhibitcomparativelytighterconditionssupportedbyconsistenttenantinterest.

Pricingremainedstableonanall-inbasis,withaverageaskingrentsholdingnear

$16.70persquarefoot.Recentrentmovementhasincreasinglyreflectedhigher

operatingexpenses,particularlyinsuranceandtaxes,ratherthanbroad-basedbaserentgrowth.Asaresult,whileheadlineaskingratesremainelevated,underlyingbaserentgrowthhasshownsignsofleveling,influencinghowtenantsevaluateoverall

occupancycosts.

FIGURE2:AskingRate

AskingRate

$18.0

$16.0

$14.0

$12.0

$10.0

$8.0

$6.0

$4.0

$2.0

$0.0

20182019202020212022202320242025

Source:CBRE.com

FIGURE3:UnderConstruction

Squarefeet(inmillions)

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

20182019202020212022202320242025YTD

Source:CBRE.com

FIGURES|MARKETSECTOR|Q42025

3CBRERESEARCH?2026CBRE,INC.

FIGURE2:StatisticalSnapshotQ42025

Submarket

TotalInventory

(SF)

TotalVacancy

Rate

(%)

Q42025

Net

Absorption

(SF)

YTDNet

Absorption

(SF)

Under

Construction

(SF)

Q42025

Deliveries(SF)

YTDDeliveries

(SF)

AvgAsking

LeaseRate

($/NNN)

Airport/Doral

61,136,741

5.55%

214,372

239,892

2,486,327

407,770

736,640

$18.41

CentralDade

39,459,340

4.71%

-33,809

-118,271

0

0

107,632

$14.62

Hialeah

16,674,374

6.95%

63,745

4,201

0

0

409,189

$17.12

Kendall/Tamiami

14,243,358

2.13%

143,600

262,396

0

0

0

$19.15

Medley

47,942,096

8.72%

-212,163

195,130

266,909

326,448

698,960

$17.30

MiamiLakes

19,747,840

9.01%

220,055

477,634

433,434

540,758

1,401,173

$15.84

NorthCentralDade

40,660,116

8.13%

26,757

697,727

617,450

374,419

374,419

$15.73

NortheastDade

2,686,371

2.65%

-20,046

-6,392

0

0

0

N/A

OutofSubmarket

1,389,117

0.12%

0

7,500

0

0

0

N/A

SouthDade

4,700,559

4.81%

-10,581

7,864

265,318

0

0

$16.55

Total

248,639,912

6.5%

391,930

1,767,681

4,069,438

1,649,395

3,728,013

$1670

Note:Allfiguresreflectthemostcurrentdataandarerevisedeachquarter.Priorreportsmaynotreflectupdatedstatistics.Allstatedrentsareestimatessubjecttosize,credit,TI,andterm.

FIGURES|MARKETSECTOR|Q42025

MarketAreaOverview

CBREEconomicHouseView

TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,particularlyAI’ssizablecontributiontogrowthinrecentquarters.Someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,andstrengtheningcreditmarketsarehelpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.Consumerconfidenceremainsweak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.ThismosaicofdatasuggeststhatannualaverageGDPgrowthwillbesteadyin2026,at2%,butatouchsofterthanin2025.Akeycatalystisasofterlabormarket,ascompaniesare‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofterinflationandlong-termbondyieldstrendingjustbelow4%byH2

2026.

Contacts

ErikRodriguez

ResearchManager/p>

erik.rodriguez@

MarcL.Miller

ResearchDirector/p>

ler1@

?Copyright2026.Allrightsreserved.Thisreporthasbeenpreparedingoodfaith,basedonCBRE’scurrentanecdotalandevidencebasedviewsofthecommercialrealestatemarket.AlthoughCBREbelievesitsviewsreflectmarketconditionsonthedateofthispresentation,theyaresubjecttosignificantuncertaintiesandcontingencies,manyofwhicharebeyondCBRE’scontrol.Inaddition,manyofCBRE’sviewsareopinionand/orprojectionsbasedonCBRE’ssubjectiveanalysesofcurrentmarketcircumstances.Otherfirmsmayhavedifferentopinions,projectionsandanalyses,andactualmarketconditionsinthefuturemaycauseCBRE’scurrentviewstolaterbeincorrect.CBREhasnoobligationtoupdateitsviewshereinifitsopinions,projections,analysesormarketcircumstanceslaterchange.

Nothinginthisreportshouldbeconstruedasanindicatorofthefutur