Miami Industrial is Dominating. Here's Why.
The industrial market near the MIA/Doral is an unstoppable force right now. Vacancies are down, rents are up.
Vacancy rates are now about 5%, with strong demand for both Class-A and B warehouse space. In fact, demand for high-quality product is outpacing available supply, State Street Realty president George Pino tells us. So naturally rents are on the rise, too. Among other recent deals in the area, Outfront Media leased more than 27k SF at Prologis Beacon Centre (below). George, along with colleagues Brian Cabielles and Ed Lyden, repped Prologis, while Mort Fetterolf and Erin Byers of Colliers International repped the tenant.
Development in the area has kicked into high gear as well, George adds. Strong demand resulted in nearly 2M SF of new development in 2014, and a further 790k SF completed in Q1 2015, with a focus in the Medley and MIA markets, which together have more than 750k SF in new projects under construction. "These are expected to deliver by December, with more than one-third of the space pre-leased,” says George.