Unlike the strong first two quarters of the year, the vacancy rate for this 3rd quarter in Miami-Dade County’s industrial real estate market actually increased slightly to 7.2%. This is partly due to the new construction of warehouses that are now being delivered onto the market. Another factor for the negative absorption this quarter is that some businesses truly seem to be on hold until the U.S. presidential election is decided; right or left. Our future president could impact commercial real estate and the businesses within via increased capital gains taxes, costs for employees, federal regulations and more. A survey conducted by the Florida Association of Realtors states that about 25% of active buyers will not make their purchase until after the election. The average industrial gross lease rates remain the same at $7.42 per sq. ft. There were two major lease transactions including Perez Trading’s new space of 280,000 sq. ft. and Ameriworld Enterprises’ relocation into a 124,000 sq. ft. space.
There is some good news to help empty warehouse spaces in Miami fill up some more. According to Miami-Dade County’s latest International Trade Report, both exports and imports increased slightly to about $14B and $10B (respectively) over the past quarter.
In case you missed our mid-year report, you may click this link for ComReal’s Miami Industrial Real Estate Market Report for the 2nd Quarter, 2012. >>>
South Florida Distribution Warehouse Sold:
At a purchase & sales price of $10,400,000, this is one of the largest owner-user transactions to occur this year in South Florida. ComReal represented MSI Stone in it’s acquisition of the 120,000 sq. ft. distribution warehouse in Deerfield. Read more how Ed Redlich and Chris Spear closed the deal at South Florida Distribution Warehouse Sold. >>>
Vega Produce Leases Cooler Warehouse Space in Doral:
Vega Produce has leased 25,000 sq. ft. of refrigerated warehouse space within PS Business Parks’ Miami International Commerce Center (MICC). To read more about this story, please visit Cooler Warehouse Space in Doral Leased. >>>
Miami Warehouses Leased (partial list):
| Tenant | Size SF | Property Address |
| Perez Trading | 280,000 | 3380 NW 114 Street |
| Ameriworld Enterprises | 124,000 | 3325 NW 70 Avenue |
| Encore Floral | 38,000 | 1480 NW 94 Avenue |
| Concepts in Freight | 32,000 | Beacon Industrial Park |
| Wencor | 29,500 | 2000 NW 97 Avenue |
| FH Interamerica | 25,200 | 11010 NW 30 Street |
| Victoria’s Secret | 16,460 | 2100 NW 97 Avenue |
Miami Warehouses Sold (partial list):
| Buyer | Property Address | Size SF | Price | $ PSF |
| Ecological Paper Recycling | 2330 NW 149 Street | 165,121 | $1,250,000 | N/A |
| SNJ Real Estate | 4601 NW 77 Avenue | 54,000 | $4,250,000 | $80 |
| Holem Realty Group | 2500 NW 74 Avenue | 52,466 | $3,000,000 | $57 |
Foreign Trade Zone (FTZ) Workshop:
On October 2nd, ComReal Miami hosted a free workshop on foreign trade zones (FTZ’s). Arcelio Gerardo of FTZ World Services and Jorge Suarez of Cargo Ventures conducted the workshop at the Miami Free Zone. About thirty people attended. Most of them were in logistics and/or freight forwarding. We plan to have another FTZ workshop in February. Please let us know if you would be interested in attending so that we can be sure to send you an invitation.
Service Provider of the Quarter:
We recommend staying at Eurosuites Hotel in Doral to our customers and corporate executives. Travelers from Latin and Central America, the Caribbean, Asia and Europe will all appreciate this location as a major shopping destination near International Mall, Dolphin Mall, Mall of the Americas and more. It is located near Miami International Airport and the Miami Free Zone in Airport West Dade at 1750 Northwest 107th Avenue, Miami. Please feel free to call them at 786-472-9095 or visit their website at www.eurossuites.com