With a proposal heading to the city council on April 16th for approval, the facility would span more than 5,000 square feet and feature seven courts for play. Padel continues to grow in popularity across South Florida, with new facilities opening throughout Miami-Dade, Broward, and Palm Beach counties.
Driven by ongoing population growth, low costs, strategic infrastructure access, and a favorable business operation environment, industrial vacancy rates remain below pre-pandemic averages, and rental rates continue to rise in key markets in the Southeast U.S.
According to a report from Colliers, as the existing current cold storage supply inventory is leased out and the demand for modern, multi-zoned, and convertible temperature-controlled facilities increases, speculative cold storage projects are expected to recover.
Panattoni Development Co. plans to demolish the existing structure and build two industrial buildings totaling 153,654 square feet, along with 171 parking spaces. The proposed buildings will each cover 76,827 square feet and feature a 36-foot clear height.
Industrial space rents across the U.S. have shown an upward trend at the start of the year. However, the sector faces challenges that are posing a threat to the bright spot in commercial real estate.