The temporary downturn will slow the rise in warehouse rates, but won’t send them into decline, as has happened in transport modes, according to analysts. They project the vacancy rate to creep up to 6% by the end of 2024, still tight by historical standards, and it should keep pushing pricing higher. CLICK ON THE HEADLINE FOR MORE
South Florida’s industrial market slowed down slightly in the final quarter of last year, as vacancies inched up while asking rents rose again. The tri-county region posted a 4 percent vacancy rate compared to 3.4 percent during the same period of the previous year, according to a recent Newmark report. And leasing activity across Miami-Dade,
Industrial real estate near airports in the nation’s most densely populated areas could be attractive investments for 2023. With transportation accounting for up to 70% of overall supply chain costs, businesses are increasingly locating their distribution centers closer to airports, according to CBRE Supply Chain Advisory.
Prologis, led by Hamid Moghadam, wants to expand its already massive Beacon Lakes business park in west Miami-Dade County. The San Francisco-based firm wants to build four warehouses on 55 acres at Beacon Lakes, according to an application submitted to Miami-Dade County late last month. In an emailed statement, Prologis said it wants to add more
An Austrian company that specializes in catering for airlines, sporting events, festivals and private parties has leased 209,600 square feet of warehouse space near Miami International Airport. Vienna-based DO&CO will move into the circa-1969 space at 3401 N.W. 72nd Ave. on Jan.1, said Ricardo Du Pond, a tenant representative broker with Fortune International Realty.