The average vacancy rate decreased to 3.8% and the average lease rates have increased to $11.76 per sq. ft. Landlords continue to drive rates up while giving tenants fewer concessions. Over 5MM sq. ft. is under construction in Miami’s industrial real estate market, however the net absorption for this quarter was only about 200,000…
2017 ends with about 1.9M sq. ft. of positive absorption. Over 3.6M sq. ft. of new warehouse space was delivered bringing our total inventory to 240M sq. ft. This being said, the overall vacancy rate slightly decreased to 4.0% and the average lease rate is at an all-time high at $9.76 per sq. ft. gross.…
Summary: The new year starts off with a slightly lower average lease rate of $9.54 per sq. ft. and a higher vacancy rate to 3.9%. The positive absorption was a healthy 602,988 sq. ft. The most significant disposition so far this year was TA Associates’ sale of seven warehouses totaling 550,000 sq. ft. to Brookfield…
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…
2016 commences with strong activity in Miami’s industrial real estate market. The average lease rate has increased to $9.24 per sq. ft. and the average vacancy rate has decreased to 4.5%. The largest lease transaction of the 1st quarter was Amazon.com’s deal for the entire Building #5 of 180,000 sq. ft. at South Florida Logistics…
2015 was a record breaking year for Miami’s industrial real estate market. Lease rates now average $9.01 per sq. ft. and sales prices average $95.94 per sq. ft. Neither stat has ever been higher. Positive absorption was a very impressive 3.9M sq. ft. bringing our overall occupancy up to over 95% (the vacancy rate is…
