On December 10th, 2009, I appeared as a special guest on “The Biz Radio Show” 880 AM with my friend and colleague, James Fried. Jim hosts his own show called “Fried on Business” that interviews small business, entrepreneurs and allows us a platform to speak about our respective professions. You may visit his website at www.FriedOnBusiness.com. In this show, Fried interviewed myself about the following topics:
- ComReal’s 30th Anniversary. Visit www.ComReal.com
- Miami Industrial Real Estate 3rd Quarter Market Report. [Click here for full report].
- Beacon 97 Business Park in the City of Doral. Visit www.Beacon97.com
- Eastgate Business Park in the Homestead Park of Commerce.
- January 15th, 2010 “Miami Industrial Real Estate Market Report” by The Commercial & Industrial Association of South Florida (CIASF). Visit www.CIASF.com
- January 20th, 2010 “Outlook Conference” by CCIM Miami Commercial Real Estate. Visit www.MiamiCCIM.com
To listen to the radio show, please click the Biz logo above or visit the website; start listening at Minute 30:00 at Fried On Business >>>
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.
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).
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.
Air and Sea Cargo of the Americas 2009
Miami, Florida, USA
The SIOR World Conference
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.
Sources: CoStar Realty, CIASF, SIOR, CCIM, Beacon Council and The ComReal Companies
ComReal radio ad — just released! Be one of the first to hear it and be guided to a new website for www.MiamiWarehouseTeam,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.