South Florida’s industrial properties remain a valuable commodity for landlords and real estate investors as vacancies hover near record lows and rents continue to rise, developers and brokers say. However, with more warehouses being built and businesses less desperate for storage space, the wild days of annual double-digit rent hikes are long gone.
The global forces affecting logistics real estate include less volatility, consumer service levels fueling demand and contracting new building deliveries.
There are emerging niches in the industrial real estate sector that are all primed as significant growth areas. The three most promising are outdoor storage, cold storage and facilities that support electric vehicles.
A new report by Colliers says the industrial market will, in short, remain in landlord’s territory, Prologis agrees by recently saying the competition for industrial space will increase in 2024.
Considered one of the most sought-after areas in Miami-Dade County, Doral’s commercial and industrial real estate remains strong due to its proximity to Miami International Airport, The whole city is enjoying about 95% commercial real estate occupancy for the second quarter of the year, with some space asking rates at $55 to $65 per square foot.