Miami metro inventory
69 MW
Metro-wide installed critical IT load. This is a Miami market figure, not a corridor metric, and should not be duplicated on corridor pages.
2024-12-04◉Broker
Market Overview
The Miami thesis is real. The corridor differentiation is where credibility lives.
This page separates verified metro-wide facts from corridor-specific underwriting. Miami still benefits from interconnection gravity, tech migration and scarce installed inventory, but only Airport West currently has a public utility disclosure tight enough to read like institutional underwriting.
Miami vacancy
16.4%
Scarcity is still the story: implied occupied load is roughly 57.7 MW against a small installed base.
2024-12-04◉Broker
Primary-market asking rate
$195.94 / kW / month
CBRE H2 2025 benchmark for 250-500 kW wholesale requirements. Used as the transparent base case for Miami underwriting.
2026-02-26✓Verified
Stabilized asset cap rates
≈ 6.0%
JLL reports average asset-level data-center cap rates holding around 6%, comparable to premium industrial and multifamily.
2025-08-22✓Verified
NoVA powered-site pricing
>$8M / acre
Northern Virginia and Northeast powered-site costs already exceed $183.65/SF equivalent, supporting Miami's relative entry-value argument.
2026-02-26✓Verified
Miami population growth
+123,471 residents
Miami-Fort Lauderdale-West Palm Beach ranked fourth nationally for numeric metro growth from 2023 to 2024.
2025-03-13✓Verified
South Florida tech-company growth
+53.6%
JLL shows South Florida tech-company count grew 53.6% from 2020 to 2023, with 62,013 tech jobs already in market.
2024-03-31✓Verified
Subsea cable density
15 cable systems
Equinix MI1 / NAP of the Americas remains the key Miami interconnection node, with more than 120 networks serving roughly 150 countries.
2017-05-01✓Verified
Corridor Deep-Dives
Three corridors, three different risk budgets
Airport West / Doral
Miami Airport West
Metrobloks validated Airport West pricing in March 2025 at $77.09/SF on land while also disclosing power, zoning and flood advantages. That makes the corridor the cleanest benchmark for takeout pricing in Miami today.
Entry basis
2.75-33.89
Supported exit
$77.09 / SF
Land-trade IRR
147.3%
Stabilized YOC
8.7%
Medley / Beacon Lakes
Medley
The Simi Capital takeout reset the upper end of Medley land pricing at $67.80/SF, while Beacon Lakes-adjacent land still changes hands materially below that level. That creates a real, but execution-dependent, value gap.
Entry basis
5.51-43.50
Supported exit
$67.80 / SF
Land-trade IRR
59.2%
Stabilized YOC
7.9%
Opa-Locka Airport Periphery
Opa-Locka
Performance Food Group still paid $55.46/SF for a 3.53-acre industrial site in March 2025. That gives the corridor a real top-end comp, but not enough to justify pretending Opa-Locka is de-risked.
Entry basis
9.18-38.26
Supported exit
$55.46 / SF
Land-trade IRR
31.5%
Stabilized YOC
6.8%
Comp Table
Recent Miami industrial / data-center land trades
| Market | Asset | Buyer | Acreage | Price | Land basis | Role | Source |
|---|---|---|---|---|---|---|---|
| Airport West | 500 NW 137th Ave 2025-03-31 | Metrobloks | 4.05 | $13.6M | $77.09 / SF | Exit support | Metrobloks 2025-03-31✓Verified |
| Medley | NW 93rd St development site 2025-05-27 | Simi Capital | 10.50 | $31M | $67.80 / SF | Exit support | Traded 2025-05-27◉Broker |
| Medley / Beacon Lakes | 9330 NW 112th Ave 2024-12-30 | Butters + First Industrial | 21.35 | $33.5M | $36.01 / SF | Basis floor | Traded 2024-12-30◉Broker |
| Opa-Locka | 12405 NW 38th Ave 2025-03-07 | Performance Food Group | 3.53 | $8.5M | $55.46 / SF | Basis floor | Traded 2025-03-07◉Broker |
Power & Pricing Context
How Miami stacks up against larger data-center markets
| Benchmark | Miami read-through | Competing market reference | Why it matters |
|---|---|---|---|
| Installed inventory | 69 MW metro inventory | Northern Virginia absorbed 1,102 MW in 2025 | Miami remains supply-constrained enough that a single validated project materially changes the market narrative. |
| Powered-site land cost | $67.80-$77.09 / SF top public exit support | NoVA / Northeast powered sites > $8M / acre | Miami land is expensive relative to local industrial but still below the most capacity-starved primary markets. |
| Utility timeline | 18-36 months where power is visible | Virginia large hookups can reach seven years | Miami is not cheap, but it can still be faster than NoVA when a site has credible FPL adjacency. |
| Wholesale pricing base | $195.94 / kW / month base case | U.S. primary-market average | Public Miami pricing is sparse, so the model explicitly leans on national benchmarks rather than implying fake local precision. |
North America Data Center Trends H2 2025
CBRE Research • 2026-02-26
Primary-market average asking rate increased to $195.94/kW/month. Sites with power access inside 18-36 months are highly sought after. Powered sites in Northern Virginia and the Northeast exceeded $8 million per acre.
Open sourceNorthern Virginia Extends Lead as Largest U.S. Data Center Market in 2025
CBRE • 2026-03-25
Northern Virginia recorded 1.1 GW of annual absorption in 2025 with preleasing extending into 2027.
Open sourceData Centers Face Seven-Year Wait for Dominion Power Hookups
Bloomberg • 2024-08-29
Dominion said large data-center hookup timelines in Virginia could stretch to as long as seven years, a useful contrast to tertiary-market power windows.
Open source