Plans call for demolishing the existing structure to make way for a new development called Yuka Park located just east of Doral. The proposed project would span 651,884 square feet across five stories, with the top floor partially open.
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.
Industrial has been the star of all the different sectors coming out of Covid, especially in metropolises that are super high density like South Florida. With a constraint on land, one of the growing trends in CRE is converting vacated office space into industrial use.
Rising development costs, whether from high land prices or increased construction costs, has led investors to shift away from evaluating sites based on historical lease prices and instead betting on the potential for rent growth that could be spurred by a lack of supply.
Miami’s industrial market, which includes all of Miami-Dade County, is the nation’s top performer for annual rent growth, according to a JLL report. Year-over-year, the Miami industrial market experienced a 53 percent jump in rent, more than Los Angeles, which had the second highest rent hike at 45 percent, and New York/New Jersey, which had