Miami Industrial: The Heat's On
In the race to the bottom for Q1 industrial vacancy rates, as measured by Cushman & Wakefield, other Florida markets beat out Miami, such as Lakeland, which has the lowest rate in the nation at 4.2%. (Show offs.) But at 7.6%, metro Miami isnt too shabby (and below the national average of 8.2%).
Historically, greater Miami, especially the Doral submarket, has enjoyed low vacancy rates when compared with other important industrial markets in the US, Cushman & Wakefield of Florida executive director Brian Smith tells us. One reason is we arent that big of a market when compared to areas like Chicago, New Jersey, LA, or Atlanta, but we also have the benefit of serving as the gateway to Latin America, which translates to a very healthy mix of business and industry types that occupy warehouse space in South Florida."
On the micro level, Brian says, the Miami market is very healthy. Major markets like Doral, Medley, and Gratigny Central have seen strong absorption over the past 18 months, and overall we continue to see healthy demand in Miami-Dade. Moreover, he says, spaces 50k SF and smaller continue to be where the action is. (Who needs a warehouse where you're gonna get lost?)