There is over 4,000,000 sq. ft. of industrial buildings under construction. In addition, several more warehouse developments are in the pipeline. Astute buyers are also acquiring industrial land since the inventory is dwindling and prices increasing. The ComReal Team closed two land deals in the month of June totaling $7,000,000.

There’s also a national trend that we’ve been experiencing for several years, but now it is even more noticeable. States with higher taxes, more government regulations and democratic socialism (such as New York, Illinois and California) are losing their business to business-friendly states like Florida. The income tax rate in Florida is 0.0% whereas these other states are as high as from 5% to 13%. In addition, property taxes in Florida are not as exorbitant, which is even more relative now since the IRS reductions have been reduced. Expect to see more industries consider Florida for their new operations!

If you would like to read last quarter’s report, please view: ComReal’s Miami Industrial Real Estate Report for the 1st Quarter 2018. >>>

Miami Warehouses Sold in 2nd Quarter 2018 (partial list):

Miami Warehouses Leased in 2nd Quarter 2018 (partial list):

Featured Property: 14.6 Commercial Acres in Florida City for Sale!

ComReal is honored to exclusively represent the City of Florida City in their disposition of this 14.6 acre commercial site located on Krome Avenue in Florida City. For details on this new listing, please check out: Florida City Commercial Land for Sale. >>>

Sold! 8 Industrial Acres on Palmetto Expressway!

Sold! 8 industrial acres sold for $5,500,000. This heavy industrial site is located on the Palmetto Expressway. For more details on this transaction, read on at Palmetto Industrial Land Sold. >>>

Sold! 10 Industrial / Agricultural Acres in Redland, Florida!

ComReal also specializes with agricultural properties. Last month, our team sold 10 acres in Redland, Florida where a few of us have lived. Read more about our story at 10 Acres Sold in Redland, Florida. >>>

ComReal Happenings: Ed Redlich and Edison Vasquez on FIU Real Estate Panel

Florida International University (FIU) hosted its Spring 2018 Real Estate Speaker Series on May 15th, 2018. It focused on the state of the Industrial Real Estate in Miami and career advice for starting in commercial real estate. Ed Redlich and Edison Vasquez are both FIU alumni and participated on the panel. Read more about the FIU Real Estate Panel on Miami Industrial Real Estate. >>>

ComReal Miami – Doral’s New Location!

Please visit ComReal Miami – Doral’s new office on the ground floor of The Royal Palm Office Park at 8200 NW 41st Street in Doral, FL. We’re located just off of the Palmetto Expressway near The Doral Country Club. Please update your records with our new address: 8200 NW 41st Street, Suite #155, Doral, FL 33166.

Midyear into 2017 and the average rental rate for Miami warehouse space slightly increases… grudgingly. Although some landlords have been able to increase rates for their warehouses, tenants and their respective brokers fight to keep the average under $10.00 per sq. ft. Institutional landlords are fairly disappointed that rates have not increased higher as they had forecast. Positive absorption this quarter was only 90,000 sq. ft. which helps the tenant’s side of the argument. Positive absorption totals almost 700,000 sq. ft. for the year. A healthy market is about 2,000,000 sq. ft. per year so we are well under this. However, we anticipate a strong 3rd quarter as there are several transactions getting wrapped up at the time we publish this report.The one recent lease deal that is worth mentioning is Custom Space. They leased 85,000 sq. ft. in Beacon Industrial Park in Doral. Custom Space is new-to-market and they offer a We Work concept for warehouse spaces with flexible sizes and terms. We wish them well here in Miami.

One of the largest sales transactions was Miami International Logistics Center in Hialeah. ComReal had originally sold the 506,300 sq. ft. warehouse to Keating Resources for $11,500,000 in 2013. (Source: Warehouse in Airport East Sold!). The ownership renovated the property and stabilized this asset for disposition. The ComReal team continued their efforts with the leasing assignment and the property was about 90% occupied upon the sale. Lincoln Property Group just acquired the property for $27,380,000. What a great story?!

If you would like to read last quarter’s report, please view online at: ComReal’s Miami Industrial Real Estate Report for the 1st Quarter 2017. >>>

Featured Property: Homestead Warehouse

The Homestead Warehouse measures 64,109 sq. ft. and is located in The Homestead Park of Commerce. The property is for sale or lease. If you are considering a building anywhere in Miami-Dade County, then you should take a look at this property.

“Special thanks to our friends at Rosy Freight who leased their 23k SF warehouse building to Tile Empire!” – Ed Red, Edison & Chris

Miami Warehouses Sold in 2nd Quarter 2017 (partial list):

Miami Warehouses Leased in 2nd Quarter 2017 (partial list):

“Win-win-win! The ComReal Team successfully assigned a 36k SF warehouse space at Miami Free Zone on behalf of Innovair Corp. to Dufry America.” – Patricia & Ed Red

News Release: American Consolidation Logistics Leases 93k SF Warehouse Space in South Florida Logistics Center

Strong efforts by the ComReal team, led by Partner and Managing Member, Edward Redlich, led to the leasing of a third Miami warehouse location for international produce importer, American Consolidation & Logistics (ACL). The 93,799-sq. ft. facility located at 3200 NW 67th Avenue in the South Florida Logistics Center. For more info on this deal, please read the full story at American Consolidation Logistics Leases Warehouse Space in South Florida Logistics Center. >>>

“Congrats to our client, Synnex, who renewed their lease for a 60k SF warehouse space with Prologis at Beacon Lakes!” – Mort

News Release: The ComReal Companies expands with ComReal Miami – Doral

Pictured: Edison, Chris, Yarisley, Cindy, Ed Red, Mort and Patty.

ComReal, a leading commercial real estate company founded in South Florida in 1979 by Stephen H. Smith, has expanded operations with the opening of ComReal Miami–Doral, LLC. The new operation located at 2315 NW 107th Avenue, Suite #1M02, Mailbox 126, Doral, Florida 33172 is headquartered inside the Miami Free Zone building. ComReal Miami–Doral, LLC was founded and will be managed by Principals: Edward Redlich, Chris Spear, and Edison Vasquez. For more details on this story, please visit ComReal Miami Doral Commercial Real Estate Expands. >>>

“Lennox Industries renewed it’s lease with Seagis Property Group for 11k SF at Deerwood Commerce Center. You cannot go wrong selling air conditioning in Florida!” – Ed Red

“Deals = more Deals” by Ed Redlich

So how exactly does doing deals equal to doing more deals? You’ve probably heard of the saying “90% of your business comes from 10% of your customers”. The concept of “deals = more deals” is similar, but it goes much deeper than this. Learn more about Ed Redlich’s formula at “Deals = more Deals”. >>>

Patricia Quintana attending the United Fresh Expo in Chicago to learn more about the perishables and cold supply chain industry.