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.
Class B and C industrial vacancy rates in Miami have remained stable, holding below 5%, as tenants increasingly prioritize value over newly built assets.
The project would be one of the largest industrial developments in Miami-Dade. With vacant industrial land scarce in South Florida, developers are increasingly looking to repurpose man-made lakes despite the high cost.