In this 3rd quarter of 2016, Miami’s industrial real estate market experienced another increase of average lease rates to $9.41 per sq. ft. and a decrease in the average vacancy rate to 3.9%. Nearly one million square feet of warehouse space was absorbed mostly by larger, national companies. Over four million square feet of new warehouse space is under construction which is a very impressive amount. Tenants continue to migrate from older, less functional, class B warehouse spaces to newer, more efficient, class A warehouse spaces. There is more activity for spaces over 50,000 sq. ft. than under. Local, mid-sized companies seem to be outperformed by national, larger companies.
The largest sale of the quarter was the disposition of South Florida Logistics Center by Flagler Development to J.P. Morgan Asset Management. The property consists of six buildings totaling 867,343 sq. ft. The sale price was $209,015,000 or about $240 per sq. ft. The largest lease transaction was by Amazon.com who leased a new 860,000 sq. ft. warehouse space in Opa Locka.
Overall, the industrial real estate market will finish strong this year. However, residential Realtors are already reporting a slow down which could be another signal that the commercial real estate market may follow. In addition, a looming 2017 recession and the presidential election continue to cause anxieties with the decision making process. Will the country choose more governmentism or the free-market principles of Americanism?
In case you missed our prior report, click this link for ComReal’s Miami Industrial Real Estate Report for the 2nd Quarter of 2016. >>>
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Miami Warehouses Sold in 3rd Quarter 2016 (partial list):
|Buyer||Size SF||Property Address||Sale Price||$ PSF|
|Miami Produce Center||155,495||1335 NW 21 Terrace||$16,020,000||$103|
|Packaging Corporate of America||149,226||3400-3500 NW 110 Street||$12,000,000||$80|
|CBS Labs Express LLC||47,477||6500 NW 77 Court||$5,500,000||$116|
|Innovair||44,284||11460 NW 39 Street||$6,100,000||$138|
|JC Toys Group Inc||34,049||2841 NW 107 Avenue||$4,500,000||$132|
|American Cosmetics||32,207||8881 NW 13 Terrace||$3,775,000||$117|
|Asimex International LLC||26,600||12320 NW 116 Avenue||$3,500,000||$132|
|GC 9590 Doral LLC||25,196||9590 NW 25 Street||$4,000,000||$159|
|Elemental Properties, LLC||24,871||8600 NW 93 Street||$3,500,000||$141|
Top New Miami Warehouse Listings of this Quarter:
|Property Address||Size SF||Lease Rate||Details|
|2750 NW 84th Avenue, Doral||70,000||TBD||Class A rear-loaded warehouse on 3.6 acres in Transal business park. 8,000 sq. ft. office space. Near MIA.|
|213 SE 10th Avenue, Hialeah||70,000||$5.00 PSF||Class B warehouse. Dock height, Heavy electrical power.|
|8820 NW 33rd street, Doral||50,000||TBD||New construction. 35′ clear ceilings in Westpointe Business Park. Near MIA.|
Contact us anytime via email or phone at 786-433-2380 for other industrial properties available.Thank you!
Featured Property: The Redland Warehouse
For Sale! 55,600 sq. ft. warehouse on over 14 acres located in Redland, Florida. This property’s bonus features include extra land, both industrial and agricultural zoning, refrigerated warehouse space and CSX Railroad. Be sure to watch our aerial drone video on the property.
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