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South Florida

Industrial market sees correction

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The South Florida industrial real estate market saw a first-quarter increase in vacancy rates and stabilizing rents from the previous quarter. However, market reports and experts say the region is just experiencing correction after double-digit rent increases and record-low vacancy rates – under 5 percent – in 2007. Miami-Dade County’s industrial vacancy rate has risen to 6.3 percent, still below the statewide average of 6.5 percent. Rising fuel costs have also strained the industrial market, which has also been hurt by the downsizing of industrial companies related to the housing industry, including those producing building products and appliances.