Miami-Dade County’s industrial market began to cut back as over 3.2 million square feet of new industrial and flex space was delivered to the market in 2018. The vacancy rate stands at 4 percent, an increase of 20 basis points quarter-over-quarter. This slight increase in vacancy is due in part to the 1.3 million square feet of new industrial space that was delivered in Miami-Dade County in the fourth quarter of 2018. There is currently 4 million square feet of industrial and flex space under construction in Miami-Dade. Though this number is still large in comparison to 2017, construction starts have declined in the fourth quarter of 2018 and will continue to decline entering into 2019.