We start the new year with nearly one million square feet of positive absorption. Lease rates and occupancy levels have both increased. The vacancy rate falls now to 6%. The leasing activity is very strong as evidenced by all of the lease transactions listed below. These are good signs of a healthy and improving industrial real estate market.
Before you accuse us of building up the hype, we must confess that some of our customers report serious concerns with their respective industries as well as their perspectives of the overall economy. Industrial acquisitions and dispositions must be carefully reviewed before proceeding with any final decisions. Occupiers require good, functional properties with economical pricing.
We are excited to see that the land is now being cleared for the development of Flagler Station’s Phase III located on the northeast corner of the Florida Turnpike and NW 106th Street in Medley. This phase will consist of about 1,745,000 sq. ft. of warehouse space. Flagler is also now constructing Buildings 2 and 3 at South Florida Logistics Center. Several other new warehouses will be delivered in Transal Park, Miami Airport North and Beacon Lakes.
There are two very large industrial users looking for new locations in Miami. Telemundo is seeking a new facility of about 800,000 sq. ft. which will include studio, warehouse and office space. Online retail giant, Amazon.com, is looking to lease over 250,000 sq. ft. of warehouse space. There are also a good amount of other additional occupiers looking for over 100,000 sq. ft. of space to lease and/or purchase.
The ComReal Miami Industrial Team has a new refrigerated warehouse space available for sub-lease in International Corporate Park in Doral. The total space measures 64,000 sq. ft. In addition, we also have a 102,000 sq. ft. building with refrigerated warehouse space for sale or lease in Americas’ Gateway Park. Please visit www.AGPBuilding.com for more information and a virtual tour of the property.
In case you missed our prior report, you may click this link for ComReal’s Miami Industrial Real Estate Market Report for the 4th Quarter of 2013. >>>
Featured Property: Refrigerated Warehouse Space in International Corporate Park in Doral:
Hard to find cooler space for sublease! Located at 1665 NW 102nd Avenue in International Corporate Park in Doral. This refrigerated warehouse space in Miami is about 64,000 sq. ft. May be divided into two 32,000 sq. ft. spaces. The existing tenant may be expanding and relocating later this year.
Miami Warehouses Leased in 1st Quarter 2014 (partial list):
|Tenant||Size SF||Property Address|
|CEVA||364,608||5601 NW 72 Avenue|
|Seaboard Marine||267,400||8001 NW 79 Avenue|
|Nipro Medical||86,076||11280 NW 91 Street|
|Krystal Logistics||77,760||11280 NW 91 Street|
|NNR Global Logistics||74,000||10400 NW 21 Street|
|Bonus Tech||67,000||2525 NW 72 Avenue|
|Miami-Dade County||64,000||1351 NW 78 Avenue|
|ERBA Diagnostics||49,000||14100 NW 57 Court|
|Eurogroup International||47,000||7500 NW 25 Street|
|Super Restoration Services||37,333||1701 NW 87 Avenue|
|International Bonded Couriers||34,116||8401 NW 17 Street|
|Living Good||33,000||8901 NW 20 Street|
|Southern Paper||30,000||10400 NW 21 Street|
|International Cruise Duty Free||29,783||3511 NW 113 Court|
Miami Warehouses Sold in 1st Quarter 2014 (partial list):
|Buyer||Size SF||Property Address||Price||$ PSF|
|Clarion Partners||317,768||8901 NW 33 Street||$38,450,000||$121|
|Caval Real Estate||164,134||8180 NW 58 Street||$8,700,000||$53|
|Tachno Coatings||58,000||4800 NW 157 Street||$3,300,000||$56|
|Premium Location Invest||45,598||8800 NW 15 Street||$2,250,000||$49|
|5400 LLC||38,000||5400 NW 84 Avenue||$2,575,000||$67|
|Carisam Samuel Meisel||28,840||2705 NW 109 Avenue||$2,830,000||$98|
Florida State Sales Tax on Commercial Rental Payments:
Did you know that Florida is the only state in the USA that charges a sales tax on commercial rental payments? Are you aware that Florida also charges this sales tax on top of property taxes? This is double taxation and is simply not fair.
In March, Ed Redlich and other Florida Realtors visited Capitol Hill in Tallahassee to advocate legislators to reduce and/or eliminate the unfair sales tax on commercial lease agreements. Redlich is President of the Realtors Commercial Alliance of Miami with over 1,600 members. Read his letter to state legislators concerning the Florida state sales tax on commercial lease agreements. >>>
CCIM Miami 2014 Commercial Real Estate Outlook Conference:
Every year, CCIM Miami conducts the Outlook Conference on Commercial Real Estate. Over 300 professionals were in attendance to learn about trends and deals with all of the various property types such as office, industrial, retail, investments and more. To view all of this year’s presentations plus an economic forecast, please visit the 2014 CCIM Miami Commercial Real Estate Outlook Conference. >>>