Industrial Roars Back
Other South Florida property types are so sexy, who can spare a thought for industrial? (That's why we couldn't get a prom date.) The investment in infrastructure improvement projects, including the PortMiami dredging and the soon-to-open PortMiami Tunnel, coupled with the pipeline of residential construction and tourism activity, are creating more demand for industrial space. “Miami’s leading the charge as a result of strong international trade and tourism,” JLL Florida research director Brady Titcomb tells us. JLL's research team is snapped as they took a tour of local ports, including PortMiami, to see all the action up close (Brady’s second from left).
Also, Brady says, the new wave of mixed-use and residential development in Miami is a key driver of industrial growth. Once those towers are completed, the demand from end users for goods and services will rise (you gotta fill your de-luxe apartment in the sky with something). The numbers bear out Brady’s enthusiasm for Miami industrial: JLL’s most recent numbers reveal that 71% of the industrial product delivered in the past 15 months has already been leased.
