The Airport West and Medley industrial submarkets in Miami-Dade County continue to be the most vibrant in the nation. In this first quarter of 2011, there has been well over 1,000,000 square feet of warehouse space leased in these submarkets alone. This is the second, consecutive quarter of such activity. In these two quarters combined, ComReal has tracked over twenty five deals over 25,000 sq. ft.  Below is a list for the 4Q 2010 and 1Q 2011 of the new tenants in Airport West Dade and Medley:

Tenant Name                         Total Size (Sq. Ft.)
Global Furniture                     180,000
Aeropost International           176,000
Exel                                          137,600
Betty Dain Creations               130,000
Modus Link                               114,000
Deal Tire                                    112,000
Great China Empire                 91,000
CIF Group                                  85,000
Manray Express                         70,000
Martiner                                     65,000
AMCAR                                      59,600
Concept Elevator                     57,000
ACE Hardware                          57,000
Wal-Mart                                    56,800
Freight Logistics                        50,000
Allied Caribbean                      45,700
Yusen Air & Sea                         42,000
Seaboard Marine                      36,800
ZTI Tires                                      36,000
Extreme Aviation                     36,000
Nippon Express USA                 35,000
Hydrofarm                                35,000
Kintetsu                                     30,000
Quick Shipping                         28,000
Retailer Forever 21                   25,600
Orion International                  25,000
Welch Allyn                               25,000

The overall vacancy for Miami-Dade County has fallen to 8.5%. The past six months have been extremely active. If you compare the first quarter of 2009, tenants were simply not leasing any space. The largest lease transaction was only 20,000 sq. ft. and there were only three transactions over 10,000 sq. ft. By comparison, in this first quarter of 2011, there have been over forty transactions over 10,000 sq. ft.
Below are several warehouses that were sold in Airport West Dade this quarter of 2011. Notice that K+N, Star Computer and American Med were the only users that purchased; the others are institutional investment firms.

Name of Warehouse             Buyer                        Address                     Size (Sq. Ft.)  Price                 PSF
•    Airport Int’l. Ctr.              TA Assoc Realty        6100 NW 74 AV         179,000          $10,350,000    $57
•    Transal Park                       Seagis                      8305 NW 27 ST         113,000           $8,750,000      $77
•    Kintetsu USA                     DCT                           8551 NW 30 TR         100,000          $7,500,000      $77
•    Miami Int’l. Bus. Park       Star Computer         3600 NW 114 AV        51,000             $6,800,000     $133
•    Miami Int’l. Bus. Park       AMB                           11380 NW 34 ST        85,000            $5,200,000      $61
•    Medley Ind. Park             Kuehne + Nagel       12800 NW 107 CT      69,000            $4,700,000      $67

•    Fingerlakes                       American Med        2400 NW 95 AV         36,000            $3,400,000       $92

If you are interested in leasing or purchasing warehouse space within the next year, we suggest that you start looking today. Become educated on the market conditions now so that you will understand where the best opportunities are. Judging by these recent trends and facts, we may expect lease rate to increase and available warehouse spaces to diminish. There is very little construction of industrial buildings in Miami-Dade County. The best opportunity may be to acquire vacant, industrial land and build to suit construction. Land in Airport West Dade and Medley has fallen from its peak of $1,000,000 per acre ($25 psf) to as little as $400,000 per acre ($10 psf). Miami-Dade County is surrounded mostly by water and swampland. If you are considering buying industrial land, then do so this year!

If you are interested, visit here for the << Miami Industrial Market Report for Year End 2010 >>

Medley Distribution Center Leased to Allied Caribbean

Allied Caribbean, a distribution company based in Beacon Industrial Park in Doral, will now be relocating to a new 45,700 sq. ft. warehouse space at 11000 Northwest 92nd Terrace in Medley. Allied was represented by ComReal Miami’s Warehouse Team during the site selection and lease negotiation processes. To read more about the story, visit << Medley Distribution Center >>

ComReal is in the Zone

ComReal is in the Miami Free Zone that is. The industrial warehouse team could not be happier with their relocation into their new office space within the Miami Free Zone in Doral. ComReal Miami’s new address is 2335 NW 107th Avenue, Suite #2M02, Box 126, Doral, Florida, 33172, USA. In May, the ComReal team will be sponsoring a free workshop on foreign trade zones. Please let us know if you are interested in attending. Why would a commercial real estate company move into a foreign trade zone? Why should you consider moving your business there too? Read the reasons why at << ComReal is in the Miami Free Zone >>

Miami-Dade County Business Development Mission to Panama

In June, Edward Redlich will visit Panama along with a twenty other delegates from Miami-Dade County Economic Development and International Trade, Enterprise Florida and Panamanian American Chamber of Commerce. Please send Ed your ideas and opinions about doing business with Panama before he departs. For more details, visit << Business Development from Miami to Panama >>

Photo of Industrial Cargo Containers at Japan Port after Tsunami – by National Geographic