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Deal volume through November puts the industrial sector behind apartments as the second most traded sector for the year. However, the volume still fell in November even with positive elements supporting the sector. Macro forces made it difficult for investors to underwrite investments.

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Miami was far from immune to a rate-driven slowdown. But even as volume plummeted, the sales that closed signaled confidence in the market, with the price per SF dipping only slightly from 2022 and outperforming 2019, before the pandemic helped boost the city’s profile. Investors and brokers are expecting deal volumes across all asset types to be poised to rise again next year.

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After Federal Reserve Chairman Jerome Powell announced that the Fed was keeping interest rates unchanged, and signaled it would make three 0.25 percentage point rate cuts next year, brokers are now giddy and ready to rock and roll although some caution fundamental challenges remain.