Market Insights / Miami-Dade County

A $345 Million PortMiami Cruise Terminal Is Under Construction. The Supply Chain Behind It Runs Through Industrial Miami-Dade

Royal Caribbean Group and Miami-Dade County have broken ground on a $345 million Cruise Terminal G at PortMiami, built to handle next-generation ships carrying as many as 7,000 passengers.

By Jose Rueda Team Lead, AXCESS Commercial
October 22, 2026
Economic Indicators
7.1%
Vacancy rate
Unchanged QoQ
9.5%
Availability rate
▼ -0.1 pts QoQ
723K SF
Net absorption
▲ Positive
2.8M SF
Under construction
▼ -5% QoQ
$16.60/SF
Avg asking rent
▼ -0.2% QoQ
Industrial market · Third-party research, Q2 to Q3 2026
Averages and rounded figures are AXCESS Commercial Team calculations based on third-party research as published. They are believed to be reliable but have not been independently verified, may contain errors, and are not investment advice.
Home › Market News › A $345 Million PortMiami Cruise Terminal Is Under Construction. The Supply Chain Behind It Runs Through Industrial Miami-Dade

Royal Caribbean Group and Miami-Dade County have broken ground on a $345 million Cruise Terminal G at PortMiami, built to handle next-generation ships carrying as many as 7,000 passengers. Royal Caribbean is contributing about $186 million and the county about $159 million. The project, at 1015 North America Way, replaces a terminal that opened in 1999 and was demolished starting in July 2025, and includes a multi-level parking structure and a ground transportation hub. Completion is targeted for late 2027.

Every ship is a logistics operation

A ship carrying 7,000 passengers and a large crew is provisioned like a small city on every turn: food and beverages, linens, retail goods, spare parts, fuel and waste handling, much of it staged in warehouses near the port and around Miami International Airport, then trucked to the dock on tight schedules. Larger ships and more of them mean more provisioning, more ship-supply distribution and more truck traffic between the industrial districts west of downtown and the port.

That demand shows up in employment. Bureau of Labor Statistics county data for the first quarter of 2026 show Miami-Dade’s transportation and warehousing employment up 2.3% over the year to nearly 97,000 jobs, even as total private employment slipped. Port, cruise and air cargo activity are a large part of that.

Miami-Dade industrial vacancy rate
4%5.3%6.5%7.8%9%Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '267.0%Q3 2026
Third-party research, Q2 2025 to Q3 2026. Averages and rounded figures are AXCESS Commercial Team calculations based on third-party research as published. They are believed to be reliable but have not been independently verified, may contain errors, and are not investment advice.

Where the space need lands

Ship suppliers and provisioning companies typically want mid-size warehouses, often with cold storage, within a short drive of the port and the Dolphin Expressway. In the Airport West, Medley and Doral corridors, those buildings compete with every other logistics user in the county. Miami-Dade’s warehouse and distribution vacancy was 7.1% in the second quarter, according to Cushman & Wakefield, but well-located mid-size space with refrigeration and good truck access is far scarcer than that average suggests.

What this means for you

If you own warehouse space with cold storage or strong truck access near the port or the airport, ship-supply and provisioning tenants are a durable source of demand. If you are in the cruise supply chain, the 2027 terminal opening is the moment to plan expansion space, not after it. If you are an investor, port-adjacent logistics remains one of the more resilient niches in the county.

AXCESS Commercial works with logistics owners and occupiers across Miami-Dade, leasing space, listing properties for sale and managing industrial buildings.

Talk to our team about leasing, listing or managing your Miami-Dade property →

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