Miami-Dade industrial market sees slight rise in vacancy: report

The industrial vacancy rate in Miami rose by half of a percentage point in the second quarter, compared to the same period in 2011, according to a new report from Cushman & Wakefield. The vacancy rate stood at 7.4 percent in the second quarter, while direct asking rents fell 3.9 percent to $5.24 per square foot per year. The sector continues to be led by the Airport West submarket, which was led in the second quarter by the 145,855-square-foot lease by American Fine Foods at Prologis Miami Logistics Center. Cushman said the forecast for the rest of 2012 in Miami remained “cautiously optimistic.” – Alexander Britell