Caution over the canal

PortMiami
PortMiami

From the South Florida Market Report: Miami’s industrial real estate market will soon be hit with colossal new mega-ships loaded with cargo arriving at PortMiami, coming through an expanded Panama Canal. The multi-billion dollar canal expansion project should allow vessels to carry three-to-four times more cargo to the East Coast, which, if all those ships were loaded up, could overwhelm Miami, due to an acute shortage of space to handle it.

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“The industrial space down here is full right now,” said Edward Easton, chairman and CEO of the Easton Group, a Doral-based firm that owns 7 million square feet of industrial real estate in South Florida. [more]