Cargo transport company King Ocean Services is relocating and expanding within Miami, taking 157,528 square feet in the Airport West submarket. The ocean transport company signed a long-term deal to occupy an entire building at the Prologis Beacon Lakes industrial park. The building, located at 13155 NW 19th Lane, is currently under development and scheduled for completion in the fall
While Miami’s office market fuels excitement with new, high-profile Wall Street and Silicon Valley tenants, it’s the region’s industrial market that remains strongest. “Miami saw its strongest quarterly performance since the start of the recovery from the Great Recession,” a Newmark report noted.
Avison Young represented Foundry Commercial in the acquisition of an 18-acre site in Miami for a speculative industrial development of up to approximately 320,000 square feet.
The economic shores are starting to get frothy, with incoming waves like Chinese tariffs and a downturn market threatening to crash on the beach. Despite this, the 2020 outlook for U.S. industrial real estate remains positive as low vacancy rates and rising rents offer a calming breeze.