There was a time that western companies would have almost certainly, in an almost reflex action, would outsource such basic items to contract factories in China and other parts of Asia. But there now a shift in dynamics.
The Live Local Act supersedes local governments’ zoning, density and height requirements for projects meeting specific affordable or workforce housing requirements, a controversial measure that some municipalities have opposed. Doral is among them.
Industrial returns might drop until the industry moves to logistics 2.0 properties. Even warehouses that are extraordinarily well located could be left to compete for a much smaller pool of tenants if their buildings do not meet the technological needs of potential occupiers.
The cost to develop multistory warehouses continues to be higher than a more traditional industrial box, one reason why taller warehouses are likely to remain a fairly niche part of the market and concentrate in the nation’s densest cities.
Sold for $6.8 million, the property spanning 45,481 square feet comprises three buildings situated on a generous 77,753 square foot lot located at 7455 NW 32nd Ave, 7420 NW 31st Ave, and 3090 NW 75th St in Miami.