As a top industrial market in the country, South Florida’s robust demand for trucking terminals and general industrial facilities are driving forces behind this strategic acquisition. The Medley industrial market, the third largest submarket in Miami-Dade, boasts approximately 32.6 million square feet of industrial inventory.
A New York-based healthcare platform, with the purpose of packing medications, will lease flex commercial space in Prologis Beacon Industrial Park for the next five years. The company has already started its move-in and plans to be fully operational in its new space by the second quarter of 2024.
The firm’s idea shows possible design alternatives for the scores of terminals up for sale in the United States and Canada.
In its October Industrial Business Indicator, Prologis observed that the U.S. logistics real estate market is under-going what it called a “mini cycle” that reflects a balance between short-term cyclical uncertainty and long-term adaptation to the future of retailing and supply chain demands.
According to a new Prologis report, industrial vacanciy is expected to reach a historically low level in mid-2024. Even though a significant amount of new space was added to the market in Q3 2023 from projects begun in 2022 and the national vacancy rate rose,, companies in search of logistics space would be well advised to act soon.