statsIn this 3rd quarter of 2016, Miami’s industrial real estate market experienced another increase of average lease rates to $9.41 per sq. ft. and a decrease in the average vacancy rate to 3.9%. Nearly one million square feet of warehouse space was absorbed mostly by larger, national companies. Over four million square feet of new warehouse space is under construction which is a very impressive amount. Tenants continue to migrate from older, less functional, class B warehouse spaces to newer, more efficient, class A warehouse spaces. There is more activity for spaces over 50,000 sq. ft. than under. Local, mid-sized companies seem to be outperformed by national, larger companies.

The largest sale of the quarter was the disposition of South Florida Logistics Center by Flagler Development to J.P. Morgan Asset Management. The property consists of six buildings totaling 867,343 sq. ft. The sale price was $209,015,000 or about $240 per sq. ft. The largest lease transaction was by Amazon.com who leased a new 860,000 sq. ft. warehouse space in Opa Locka.

Overall, the industrial real estate market will finish strong this year. However, residential Realtors are already reporting a slow down which could be another signal that the commercial real estate market may follow. In addition, a looming 2017 recession and the presidential election continue to cause anxieties with the decision making process. Will the country choose more governmentism or the free-market principles of Americanism?

In case you missed our prior report, click this link for ComReal’s Miami Industrial Real Estate Report for the 2nd Quarter of 2016. >>>

 

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Miami Warehouses Sold in 3rd Quarter 2016 (partial list):

Buyer Size SF Property Address Sale Price $ PSF
Miami Produce Center 155,495 1335 NW 21 Terrace $16,020,000 $103
Packaging Corporate of America 149,226 3400-3500 NW 110 Street $12,000,000 $80
CBS Labs Express LLC 47,477 6500 NW 77 Court $5,500,000 $116
Innovair 44,284 11460 NW 39 Street $6,100,000 $138
JC Toys Group Inc 34,049 2841 NW 107 Avenue $4,500,000 $132
American Cosmetics 32,207 8881 NW 13 Terrace $3,775,000 $117
Asimex International LLC 26,600 12320 NW 116 Avenue $3,500,000 $132
GC 9590 Doral LLC 25,196 9590 NW 25 Street $4,000,000 $159
Elemental Properties, LLC 24,871 8600 NW 93 Street $3,500,000 $141

 

Top New Miami Warehouse Listings of this Quarter:

Property Address Size SF Lease Rate Details
2750 NW 84th Avenue, Doral 70,000 TBD Class A rear-loaded warehouse on 3.6 acres in Transal business park. 8,000 sq. ft. office space. Near MIA.
213 SE 10th Avenue, Hialeah 70,000 $5.00 PSF Class B warehouse. Dock height, Heavy electrical power.
8820 NW 33rd street, Doral 50,000 TBD New construction. 35′ clear ceilings in Westpointe Business Park. Near MIA.

 

Contact us anytime via email or phone at 786-433-2380 for other industrial properties available.Thank you!

 

 

Featured Property: The Redland Warehouse

For Sale! 55,600 sq. ft. warehouse on over 14 acres located in Redland, Florida. This property’s bonus features include extra land, both industrial and agricultural zoning, refrigerated warehouse space and CSX Railroad. Be sure to watch our aerial drone video on the property.

 

 

Vote Trump-Pence for 2016 and “Make America Great Again”!!!

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2 Comments

  1. GO Trump Pence. Glad to see that you have the strength, courage, wisdom and foresight to voice your support for the Trump Pence ticket, and to encourage recipients of your e-mail to vote to make American great again. As this country cannot afford, nor can endure, other 4 years of Obamanomics.

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