The Class A warehouse in Medley is situated near major highways with easy access to Miami International Airport and Port of Miami, the region’s busiest import-export centers.
South Florida’s industrial properties remain a valuable commodity for landlords and real estate investors as vacancies hover near record lows and rents continue to rise, developers and brokers say. However, with more warehouses being built and businesses less desperate for storage space, the wild days of annual double-digit rent hikes are long gone.
Considered one of the most sought-after areas in Miami-Dade County, Doral’s commercial and industrial real estate remains strong due to its proximity to Miami International Airport, The whole city is enjoying about 95% commercial real estate occupancy for the second quarter of the year, with some space asking rates at $55 to $65 per square foot.
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.