The amount of industrial properties 100,000 square feet or more in size within 30 minutes of ports is at record levels. The reason is economic. Developers wanted to appeal to large companies with strong credit and such companies typically are looking for bigger facilities.
Evolving in recent years, manufacturing facilities, warehouses, and distribution hubs have all been influenced by developments in technology, sustainability, and customer expectations. Take a look at some of the trends that are shaping the industrial property space for 2024 and beyond.
According to a pre-application filed with Miami-Dade County, Link Logistics wants to develop the 6.35-acre site at 7320 NW 61st Street. The plans include a building with 36-foot clearance and 24 truck doors plus 128 parking spaces. Seven tenant suites would range from 15,546 to 32,677 square feet.
After two years of dominance by Inland Empire, Calif., Miami took the top spot for the highest industrial rent growth with an 11.9% year-over-year increase.
Amazon hasn’t decided on how much warehouse space it needs to shed but it’s expected to let go of at least 10 million square feet, and may even double or triple that amount. It was reported that excess capacity, together with productivity loss and inflation, cost the company $6 billion last quarter. Still the e-commerce giant is relatively cautious in how much space to sublet in anticipation of a potential rebound.