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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"Stop by the office, coffee is on me!
Tag Archives: Doral Commercial Real Estaste
Here I am on a beautiful sunny south Florida day prospecting and getting to know my area of work. I specialize in the office and warehouse market of Doral, Fl. https://katch.me/embed/v/456e6d5b-61fc-32a3-9b57-cb6af8f93f3b?sync=1
Doral Retail Retail-Commercial For Lease Convenience Store, Mixed Use 9320 NW 25th ST Doral, FL 33178 General Information Contiguous Space: 1,885 SF Building Size (RSF): 1,885 SF Gross Building Area: 1,885 SF Rental Rate: $34 PSF (Annual) Base Monthly Rent: … Continue reading
FOR LEASE! Doral Office/Retail Space Price Negotiable! Property Highlights: Single-Story office/retail building built in 2008 • 2,100+- SF building on 4,1620 SF lot • Located on NW 25th ST & 93rd Avenue • 6 Designated Parking Spaces with additional … Continue reading
For Sale 6,000,000 Property Summary – Doral Professional Center Property Type: Office, Industrial Year Built: 1988 Total Building SqFt: 48,224 Total SqFt of Lot: 68,154 Total Acres of Lot: 1.56 Number of Floors: 3 Construction Type: Concrete General Zoning: … Continue reading
Long gone are the days when ordering business cards or banners for trade shows required multiple visits to a print shop, followed by a lengthy wait to get the job done. Digital printing technology has dramatically improved the process, and … Continue reading