After a $20M buy, Hamilton Development plans an office-to-industrial conversion in the Flagler Station business park—signaling continued weakness in the suburban office market.
Serving multiple functions, from overflow storage and vehicle parking to housing emerging technologies like aerial delivery drones and autonomous trucks, the IOS market is maturing and pricing is becoming more standardized as investor appetite continues to grow.
The newly built Royal Palm Doral completed in 2024 was sold by Blackstone. The project consists of two warehouses at 6450 and 6550 NW 97th Avenue on an 18.4-acre site.
Although certain asset classes may see isolated trouble, the broader industrial market in Miami appears resilient, with no signs of systemic weakness. The occupancy has slipped slightly from about 98% to 95% but points to a more balanced market.