Clockwise from left: 215 SE 10th Avenue in Hialeah, Devin White, Greg Zeifman and Chris Spear
A surge in bulk purchases and an increased appetite for large lease spaces are driving a rapidly tightening Miami industrial market, brokers say.
The shift was highlighted by the largest industrial lease in Florida in two years, a 475,000-square-foot transaction by Bullet Line in Hialeah in January. [more]
550 LeJeune Road
An office building at 550 LeJeune Road in Miami has been sold for $4.6 million, according to Marcus & Millichap, which brokered the deal on behalf of the seller, a Miami-based international non-profit. The buyer, a local developer, was also secured by Marcus and Miillichap. The 42,000-square-foot property was accompanied in the sale by an 8-unit apartment building. [more]
Miami-Dade County’s industrial market continued to gain momentum in the third quarter, with leasing activity increasing and vacancy rates continuing to fall. Leasing activity in the county totaled 4 million square feet in the third quarter, a 3.8 percent increase from the same period in 2010, according to a third-quarter industrial market report from Cushman & Wakefield released this week. The sector’s growth — both on the leasing and the sales sides — has progressed to the point that developers are already eyeing new projects. [more]
Miami’s Airport West submarket is leading the way for a strengthening Miami-Dade County industrial market, bolstered by last week’s signing of an 180,000-square-foot lease at AMB Property’s Blue Lagoon Business Park by package forwarding company Aeropost. The $10 million deal marks the largest industrial lease in South Florida so far this year. “That type of deal really helps tighten up the market with available space,” said Flagler Real Estate Service’s George Pino, who brokered the deal on behalf of owner AMB Property. “It was positive absorption for the market, and we really needed that.” [more]
Miami is an international city, and some of its real estate troubles come from woes beyond its borders. Industrial vacancy is expected to rise and rents fall in Miami-Dade
County this year, according to the Midyear 2009 National Industrial Report by
Marcus & Millichap. The firm predicts a drop in international trade
will decrease the space needs of importers and exporters. South Florida’s international trade numbers reflect its connection to
the global recession, particularly the lagging performance of Latin
America. The Miami Customs District saw international trade fall 12.8
percent — more than $3.6 billion — in the first four months of the
year, according to WorldCity, a Coral Gables-based media company that
analyzes trade statistics. [more]
