May 2024 M T W T F S S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Market Snapshot 9/2016
Miami is one of the top three industrial markets in the country along with southern California and northern New Jersey. Demand is on the upward trend for both leasing and sales in the industrial sector because of new growth and perceived stability in the current economy. In particular, the anticipation of the Panama Canal expansion has fostered economic growth, driving international trade and infrastructure in South Florida.
Because of the demand there's about 831,000 sqf. under construction and an additional 4.6 million sqf. slated for the next decade in Miami. At the same time you see pricing for leasing and land going up. Under 7% vacancy is usually the trigger for new construction. It helps that unemployment is shrinking, and so is available land.
Vacancy 4.2%. A year ago it was 4.6%.
Since land is at a premium (West Dade)$24-$26 per square foot. Medley $16-$22, $14-$16 psqft for developed property), institutional investors are being drawn to buy existing product.
Among the more active companies are third party logistics companies.
Miami has just over 200 million sqft of Industrial space. Between the airport and Medley market there's a little over 90 million square feet.
Interestingly enough, companies are now starting to appreciate more Class A building designs-increase their ability to store yet maintain a smaller horizontal footprint. This new product is being developed primarily in the Medley/Hialeah submarkets.
The whole market is in the upswing. Class A space (6.3 mil sq.ft. in the Doral market is going for $9.50 per sqft. for users of less than 50k sqft. Falls to $9.00 for 50k + sqft.
Class B buildings-older product, and shorter heights, are in great locations and still satisfy most company’s needs. Rates for larger “chunks” of this type class/space are showing slight declines. Nearly 17 Mil. sqft. going for $8.50+- per sqft.
Older buildings featured 24 ft ceilings compared to today's demand of 30-36 foot clear heights.
This year has been another great year for the Doral/Airport industrial submarket and South Florida.
For professional advise in the Industrial Airport West market I can be contacted at 786.471.5228
"Doral Warehouse Specialist"
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Category Archives: Expressway Industrial Park
8775 NW 13 TE Doral, FL 33172
Owners: TAKUK LLC Just SOLD: $2,320,000 7/2013 Year Built: 1976 Year Renovated: 2008 Highlights Freestanding Office/Warehouse 30,040 sqft includes 3,840 sqft offices on 2nd floor 80% Airconditioned Heavy 3 phase Electrical service 7,680 … Continue reading
1350 NW 88 AVE
Owner: DESITOPS INC Folio: 35-3033-001-0060 Adj Sq Footage: 28,760 Lot Size: 53,640 SQ FT Year Built: 1972 Sale Date: 2/2004 Sale Amount: $1,500,000
1360 NW 88 AVE
OWNER: RAINBOW BCH DEV CO INC % STUART BERNSTEIN DDS Folio No.: 35-3033-001-0070 Distribution Warehouse. Current tenant is a distributor of Church literatures. Year Build: 1973 4 Bays with Office Space Lot Size: 1.21 acres Adj. Sq.Ft.: 31,821 Sale … Continue reading
8800 NW 15 ST
Owner Name: Lipari Investments Folio: 35-30-33-001-0100 For Lease 5.76 SQFT. Last Sold: 4/2013 $2,125,000 Property Subtype: Warehouse (Industrial) Stories: 2 Building Area: 45,598 Lot Size: 1.24 acres Lot Dimensions: 1.239 AC Year Built: 1976 Vacant at this time.
1521 NW 89 CT
Owner: GERMICO INCORPORATE Office Warehouse, mostly office. Tenants Service Experts 1521 Advance Business 1523-B World Fuel Services 1525 Miami Wardrobe & Prop 1525 The Camaro Place 1527 Specialize Rubber Products 1529 Property Type: Commercial Property Subtype: Heavy Industrial … Continue reading
Crown Lakes Business Park
1520-1568 NW 89th Ct Miami, FL 33172 County: Miami-Dade Mkt Area: Airport West / Doral Building SF: 14,743 Land SF: 56,192 Acres: 1.29 Folio: 3530330490010 Owner: CARDENT INTERNATIONAL INC Bay 1 – Address: 1568 NW … Continue reading
8850-8880 NW 15 ST
Owners: RALPH M & BERNISE SAVAL Property Type: Commercial Property Subtype: Warehouse (Industrial) Stories: 2 9 Bays facing NW 15th St- 8850 NW 15 ST (4) Bays 3950 sqft. Rented $2,500M, (.63 a sqft ) 8/15/11 8880 NW 15 … Continue reading
1401 NW 89 CT
Owner: TERRENO AMERICAS GATEWAY LLC Property Type: Commercial Property Subtype: Manufacturing (light) Stories: 1 Building Area: 62,138 Lot Size: 2.42 acres LOT SQFT. 105,620 SQ FT Lot Dimensions: 2.425 AC Year Built: 1979 Sale Date: 5/2013 Terreno Realty Corporation … Continue reading
1375 NW 89 CT
Owner: MARTINEZ INVESTMENT SERV CORP Cold Storage Warehouse +/- 1,000 – 5,000 SF available of cooler and/or freezer space. Rent includes electric and utilities, water, trash, 2nd floor office, & maintenance of the cooler/freezer equipment. The site enjoys a … Continue reading
9000-9075 NW 15 ST
LAKES EDGE COMMERCIAL C/O COMREAL Lakes Edge Warehouses Strip Vacant Lot For Sale 2.41 Acres $1.8 M FOR SALE $1,050,000 BAY – 1 – Corner Unit. Lake views with LOTS of parking. Flex space, 77% office, Two-story, … Continue reading
DORAL OFFICE/WAREHOUSE SPECIALIST 