The average asking rate in Q2 2018 was $9.23 per sq. ft., representing a $0.09 (1.0%) increase quarter-over-quarter and a $0.35 (3.9%) increase year-over-year.
Net absorption has topped one million sq. ft. for two consecutive quarters. The two largest buildings completed in Q2 2018 were build-to-suit projects, contributing 650,000 sq. ft. to the net absorption total.
Q2 2018 saw the delivery of nine buildings totaling 1.1 million sq. ft. of industrial space.
Miami’s non-seasonally adjusted unemployment rate of 4.0% in May 2018 is down 70 bps from a year ago.