Top Tweets for #LongMiami

Industrial rents across the U.S. reached $8.22 per square foot in October, a 6.8% increase over the past year and a $0.06 gain from September. Miami emerged as the nation's leader in rent growth at 11.0%, breaking Southern California's long-standing dominance in the sector. The Southeast region demonstrated particular strength, with Atlanta and Nashville posting robust gains of 9.0% and 8.7% respectively. Miami's surge was driven by 15 million square feet of new premium space delivered since 2022, pushing average rates higher as tenants absorbed higher-quality properties. National vacancy rates continued their upward trajectory, reaching 7.2% in September, a 20-basis-point increase from August. This is a big shift from the roughly 4% vacancy rates that characterized the market in recent years, reflecting the combined impact of new supply and moderating demand. The gap between new and existing lease rates reveals evolving market dynamics. New leases averaged $10.30 per square foot, commanding a $2.08 premium over existing rates. Miami showed the widest spread at $5.25 per square foot for new leases, highlighting the market's robust demand for premium space. Southern California's cooling trend persists despite higher-than-average rate spreads. The Inland Empire's new-to-existing lease spread contracted significantly from $9.32 to $3.17 per square foot year-over-year, while Los Angeles saw its spread narrow from $6.99 to $2.59, indicating softening demand in these traditionally strong markets.