The flood of warehouse space in Miami has been met by steady demand for new facilities fueled by positive demographic growth and robust port activity, long-term trends that bode well for future growth.
In its October Industrial Business Indicator, Prologis observed that the U.S. logistics real estate market is under-going what it called a “mini cycle” that reflects a balance between short-term cyclical uncertainty and long-term adaptation to the future of retailing and supply chain demands.
Miami-Dade County is expected to continue to see a large amount of net in-migration in its metro areas as tax laws and the warm climate draws people in. That’s according to the Midyear 2022 Miami Industrial Market report by Marcus & Millichap which says that the rise in construction will have a minimum impact on
South Florida’s industrial market fundamentals, particularly for bulk warehouse space, blew through the third quarter of 2021 on strong leasing demand and new construction The region’s healthy consumer market and growing population helped push investor and occupier confidence in the industrial market, which is likely to continue through 2022.
Blackstone bought a huge industrial portfolio next to Miami International Airport for $56 million. The private equity giant bought the three warehouses totaling 367,848 square feet at 3208 Northwest 72nd Avenue and 3108 Northwest 72nd Avenue for $152 per square foot, records show. Airport Trade Center, which lists Haim Yehezkel as one of its principals,