Is the Miami industrial real estate market back in 2010?
If the first quarter will be of any indication for the rest of the year then the answer is absolutely YES! This quarter experienced a very significant amount of activity in the Miami industrial real estate market especially when compared to the prior quarters in 2009.
In the Airport West submarket, ComReal reports that ten (10) warehouse buildings of 20,000 sq. ft. and over have sold this quarter to owner users. That is more than all of last year! This is of great significance. It also appears that prices for both class A and B building have stabilized. Only two of those sales were considered distressed. For details on each of the Miami warehouse buildings that sold see below and/or call us for discussion.
In case you missed our prior report, you may click this link for ComReal’s Miami Industrial Real Estate Market Report. >>>
|Property Address||Sales Price||$ PSF||Size (SF)||Class||New Owner|
|2250 NW 114 Avenue||$3,950,000||$135||29,257||A||Zoom Logistics|
|11450 NW 34 Street||$2,500,000||$118||21,084||A||Productos Varios Proval|
|2900 NW 77 Court||$3,300,000||$86||38,042||B||Blanco Ordonez|
|8925 NW 26 Street||$2,000,000||$93||21,384||A||Master Freight America|
|8150 NW 64 Street||TBD||TBD||52,000||B||TBD|
|9955 NW 58 Street||$1,950,000||$113||17,203||A||Interstate-McBee Properties|
|1550 NW 96 Avenue||$1,810,000||$88||20,436||B||Gaia USA LLC|
|9880 NW 77 Avenue||$1,950,000||$97||20,001||B||9880 Palmetto LLC|
|7005 NW 46 Street||$1,300,000||$69||18,944||B||Consolidated Farms|
|1740 NW 69 Avenue||$1,000,000||$23||43,168||B||1740 NW 69th Avenue LLC|
In regards to leasing activity, ComReal tracked thirteen (13) leases executed for warehouse spaces over 25,000 sq. ft. in the Miami industrial real estate market. (These warehouse spaces were class A and B only). Although leasing activity has increased, landlords are still offering major rental concessions such as free rent and tenant improvement allowances. We have been informed that one industrial park has actually increased their asking lease rate. The ComReal Miami Warehouse Team was responsible for over 200,000 sq. ft. of new lease transactions. Feel free to read more about the following stories:
- Armellini Leases Miami Warehouse Space>>
- Aggreko Leases Miami Industrial Property>>
- South Florida Warehouse Lease by MSI Stone Importer and Distributors>>
- Boston Med Devices Leases Warehouse at Miami Free Zone in Doral>>
The significant volume of sales and leasing activity this quarter may be a statement that the industrial market is beginning to stabilize. We really will not know until late into 2010 if this upward trend continues.
If you are considering the acquisition of new warehouse space, anytime in 2010 may be a good time to lease or purchase before purchase prices and lease rates begin to increase. One thing that may be for sure is that interest rates may increase so this is another reason to act soon. So if you identify a functional property that suits your business operation needs and it’s well priced, you ought to act expeditiously to get it under control.
ComReal Miami Welcomes Edison Vasquez to its Industrial Team
ComReal is pleased to announce the addition of Edison Vasquez to its Miami industrial real estate team. As a graduate from Florida International University’s (FIU) Master of International Real Estate, Edison is well positioned to assist clients in the transactions of commercial properties. Before joining ComReal Miami, Edison collaborated with several brokers in numerous transactions at Grubb & Ellis. Edison, a native from Ecuador, is fluent in Spanish which suits him well to serve Latin American business. “Miami is the gateway to business in Latin America and with my language and the support of a well established firm, such as ComReal Miami, the opportunities for growth are limitless.” states Mr. Vasquez.
ComReal Miami address change
The ComReal Miami office has moved to a new location in Doral. The new address is 9500 Doral Boulevard, Suite #103, Doral, Florida 33178. Our phone numbers and emails remain the same. Our website is www.ComRealMiami.com.
For over 30 years, The ComReal Companies have played an integral role in the commercial development of South Florida. The ComReal Miami office has always proudly been headquartered in The City of Doral. Now its main office will be at The 9500 Building adjacent to BBU Bank on the prestigious Doral Boulevard (NW 41st Street) across from the Doral Country Club.
Throughout its history, ComReal is credited with several major transactions along Doral Boulevard including Univision’s 153,000 sq. ft. facility, Miami-Dade County Fire Department’s acquisition of the 172,000 sq. ft. former Eastern Airlines Headquarters and the 127,000 sq. ft. IVAX facility. It is only fitting that ComReal now joins these impressive landmarks along Doral Boulevard.