Industrial landlords in the area surrounding Miami International Airport have resorted to freebies and other incentives to fill vacancies.
They have rolled out concessions in leases such as free rent and building improvements.
“We’ve seen dollars loosen up from times when tenants weren’t willing to put any money in the spaces,” David Albert of CBRE told the Daily Business Review. “You might see things like free rent, moving concessions, improvement allowances, a lot of it tied to who the tenant is and what the term is.”
In some cases, landlords go after tenants that only need a small amount of space, so that an office building could serve as a multi-tenant industrial park. Prologis International Corporate Park, for example, is adding three tenants to a space that housed transportation titan DB Schenker at a 100,000-square-foot building in Doral. [Daily Business Review] — Mark Maurer