miami warehouse statistics 3rd quarter 2012

Unlike the strong first two quarters of the year, the vacancy rate for this 3rd quarter in Miami-Dade County’s industrial real estate market actually increased slightly to 7.2%. This is partly due to the new construction of warehouses that are now being delivered onto the market. Another factor for the negative absorption this quarter is that some businesses truly seem to be on hold until the U.S. presidential election is decided; right or left. Our future president could impact commercial real estate and the businesses within via increased capital gains taxes, costs for employees, federal regulations and more. A survey conducted by the Florida Association of Realtors states that about 25% of active buyers will not make their purchase until after the election. The average industrial gross lease rates remain the same at $7.42 per sq. ft. There were two major lease transactions including Perez Trading’s new space of 280,000 sq. ft. and Ameriworld Enterprises’ relocation into a 124,000 sq. ft. space.

There is some good news to help empty warehouse spaces in Miami fill up some more. According to Miami-Dade County’s latest International Trade Report, both exports and imports increased slightly to about $14B and $10B (respectively) over the past quarter.

In case you missed  our mid-year report, you may click this link for ComReal’s Miami Industrial Real Estate Market Report for the 2nd Quarter, 2012. >>>

South Florida Distribution Warehouse Sold:

south florida distribution warehouse

At a purchase & sales price of $10,400,000, this is one of the largest owner-user transactions to occur this year in South Florida. ComReal represented MSI Stone in it’s acquisition of the 120,000 sq. ft. distribution warehouse in Deerfield. Read more how Ed Redlich and Chris Spear closed the deal at South Florida Distribution Warehouse Sold. >>>

Vega Produce Leases Cooler Warehouse Space in Doral:

doral cooler warehouse space leased

Vega Produce has leased 25,000 sq. ft. of refrigerated warehouse space within PS Business Parks’ Miami International Commerce Center (MICC). To read more about this story, please visit Cooler Warehouse Space in Doral Leased. >>>

Miami Warehouses Leased (partial list):

Tenant Size SF Property Address
Perez Trading 280,000 3380 NW 114 Street
Ameriworld Enterprises 124,000 3325 NW 70 Avenue
Encore Floral 38,000 1480 NW 94 Avenue
Concepts in Freight 32,000 Beacon Industrial Park
Wencor 29,500 2000 NW 97 Avenue
FH Interamerica 25,200 11010 NW 30 Street
Victoria’s Secret 16,460 2100 NW 97 Avenue

Miami Warehouses Sold (partial list):

Buyer Property Address Size SF Price $ PSF
Ecological Paper Recycling 2330 NW 149 Street 165,121 $1,250,000  N/A
SNJ Real Estate 4601 NW 77 Avenue 54,000 $4,250,000 $80
Holem Realty Group 2500 NW 74 Avenue 52,466 $3,000,000 $57

Foreign Trade Zone (FTZ) Workshop:

On October 2nd, ComReal Miami hosted a free workshop on foreign trade zones (FTZ’s). Arcelio Gerardo of FTZ World Services and Jorge Suarez of Cargo Ventures conducted the workshop at the Miami Free Zone. About thirty people attended. Most of them were in logistics and/or freight forwarding. We plan to have another FTZ workshop in February. Please let us know if you would be interested in attending so that we can be sure to send you an invitation.

Service Provider of the Quarter:

 euro suites miami

We recommend staying at Eurosuites Hotel in Doral to our customers and corporate executives. Travelers from Latin and Central America, the Caribbean, Asia and Europe will all appreciate this location as a major shopping destination near International Mall, Dolphin Mall, Mall of the Americas and more. It is located near Miami International Airport and the Miami Free Zone in Airport West Dade at 1750 Northwest 107th Avenue, Miami. Please feel free to call them at 786-472-9095 or visit their website at www.eurossuites.com

 

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Post comment