Miami sees an industrial real estate revolution
Builder confidence is now so strong in Miami-Dade county that ground has broken or is scheduled to break next few months on nearly one million square feet of warehouse space without tenants, with another two million in the pipeline, the Miami Herald reported. The industrial real estate construction boom is being driven by well-leveraged industrial investors who are convinced that South Florida — specifically Miami — is a hot market. Now that acquisition prices have risen many have decided that it is time to build.
“The industrial market has bounced back faster than anyone expected,” said Steve Medwin, Jones Lang LaSalle managing director. “The institutions are all here scouring the market. They want to have that dot on the map. Each time a quality asset comes on the market, there’s a tremendous number of bidders, resulting in much higher prices than anyone would expect.” [Miami Herald] — Christopher Cameron