Due to recent negative press, it is especially important in this particular quarterly report to distinguish the industrial market from Miami’s overall commercial real estate market (i.e. office, retail, multi-family, etc.) Financing remains a challenge for all commercial properties and businesses. Miami has about 245M square feet of total warehouse space. The vacancy rate rose slightly to 10% and lease rates fell slightly to $7.65 per square foot gross. By comparison, both of these stats happen to be about equal to the national averages. These figures are not all that bad considering we are in a national recession; things could be worse. However, in an effort to retain and attract prospective tenants, the more aggressive landlords further reduced their lease rates, offered free monthly rents and tenant improvement allowances.

Although the past three quarters have been very poor, there were three positive signs this 3rd quarter. First, overall activity and closed deals have significantly increased. ComReal reports 15 transactions all over 25,000 sq. ft. Secondly, there is only about 200,000 sq. ft. of warehouse space under construction right now which will improve absorption. Thirdly, national and local exports are on the rise partly due to the lower dollar value and higher standards of living across the globe. More exporting means more warehouse space in Miami. These three facts may give indication that Miami’s industrial market has the potential to rebound faster than all other commercial property types.

For more information, please feel free to contact us anytime at 786-433-2379 or email. We look forward to the opportunity to discuss your plans for 2010 and beyond.

Click chart for full image on Miami’s Industrial Real Estate Stats for 3rd Quarter 2009 (Source: CoStar Realty)>>>

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ComReal’s New Listings on the Market!

 

The Palmetto Warehouse located at 1401 NW 78th Avenue in Doral. The total size is 82,500 sq. ft. with 15,000 sq. ft. office space. The features include: dock level loading; fully sprinklered; all-concrete construction; heavy electrical power; proximity to Miami International Airport; and frontage on the Palmetto Expressway. For lease for $7.00 psf gross with purchase option. Visit www.WarehouseOnPalmetto.com.

Miami Cooler Warehouse located at 6901 NW 41st Street in Miami. The total size is 15,000 sq. ft. with 1,800 sq. ft. office space. The features include: dock and street-level loading; fully sprinklered; all-concrete construction; heavy electrical power; proximity to Miami International Airport and major expressways. This property is ideal for food, beverage and flower distribution. For sale for $1,800,000 (or $118 psf).

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Florida City Warehouse located at 30 NW 12 Street in Florida City near Homestead. The total size is  20,687 sq. ft. with 2,000 sq. ft. office space. The features include: dock and street-level loading; fully sprinklered; all-concrete construction; heavy electrical power; and more. For sale for $2,200,000 (or $ 106 psf).

Warehouse Buildings Sold by ComReal in 3rd Quarter

RE Events of the 3rd Quarter

There were no major industrial real estate events this quarter due to the summer season. However, ComReal will be  reporting on the following events in our year end report.

November 4th
Air and Sea Cargo of the Americas 2009
Miami, Florida, USA

 

October 29th
The SIOR World Conference
Toronto, Canada

October 16th
CCIM Success Series 2009
Honolulu, Oahu, Hawaii

ComReal News!!!

ComReal radio ad – just released! Be one of the first to hear it and be guided to a new website for www.ComRealWarehouses.com. There you will find more information the ComReal Miami warehouse market. This ad will air regularly on 880 AM The Biz Radio during The Neal Asbury Show every Friday from 5 to 6 PM. Checkout the website on his show at www.TheNealAsburyShow.com which discusses the topics of international trade, manufacturing, import/exporting, and more.  Click here to Listen >>>

Michael Weihl leads The ComReal Companies Business Division with the launch of his new website at www.MichaelWeihl.com. If you are interested in acquiring or disposing of an existing business opportunity, please consider contacting Mr. Weihl for a confidential consultation at 786-433-2503 or email.

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Sources: CoStar Realty, CIASF, SIOR, CCIM, Beacon Council and The ComReal Companies