Need a warehouse? Get in line—one that keeps growing longer. Getting enough industrial space built has become a big problem and looks like it will continue to be one.
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.
A strong performance in the South Florida industrial sector during Covid-19 didn’t fully translate to new milestones in the market’s top sales. The largest industrial sale of 2020, valued at $94 million, still fell below the biggest deals of 2019 and 2018, of $178 million and $180 million, respectively, according to an analysis by The
Fordome Investment Group, a real estate investment firm led by Kristopher Rodriguez, sold the 2.2-acre site at 9800 N.W. 87th Ave. for $3.3 million to GPT NW 87th Avenue Owner LLC, part of the industrial arm of Blackstone. It was used for automobile storage.
Malcolm Butters’ firm has been building industrial properties in South Florida for about 30 years. But the last three or four of those years have been nothing like what came before. Companies such as Butters Construction have been forced to adapt to changes within an industrial market that has seen a massive influx of institutional
