Market Statistics for Miami Industrial Real Estate - Q3 2016

The Miami’s Industrial Real Estate Market continued roaring during this third quarter 2016. The net absorption of warehouses space was 922,053 Sq. Ft. up from 537,437 Sq.Ft. in the second quarter and 706,060 Sq. Ft. in the third quarter of 2015. This is the strongest absorption since the second quarter of 2015. The chart below shows the changes. The trend of lower vacancy continued during this quarter. Vacancy rate for the third quarter declined to 3.9% from 4.4% in the second quarter and, 4.7% in the third quarter of 2015. This is the lowest vacancy Miami’s industrial real estate market has seen in 10 years.

Delivery of new construction slowed during this third quarter. Three buildings totaling 241,212 Sq.Ft. were delivered; down from 727,024 Sq.Ft. delivered in the second quarter and 580,955 Sq. Ft. in the third quarter 2016. The addition of new buildings increased the total inventory of industrial space in Miami to 235,511,543 Sq. Ft. on 8,886 buildings. New construction of industrial space increased substantially to 4,359,280 Sq.Ft. at the end of the third quarter, up from 2,397,088 Sq.Ft. in the second quarter. Reaching all-time high. 

 

Sales figures showed robust activity. Third quarter reported 38 building sales at a volume of $141,825,000, totaling 1,709,624 Sq.Ft. This represents an increase from the second quarter where 33 buildings sold at a volume of $90,583,000 on 1,047,769 Sq.Ft. However, it’s down from the third quarter of 2015, where 43 buildings sold at a volume of $193,694,335 on 1,862,317 Sq.Ft. The decrease in sales activity can be attributed to the low inventory of buildings along with the record high prices. 

 

The last quarter of the year is usually the strongest quarter. Last year, the fourth quarter experienced a net absorption of 901,957 Sq. Ft. and 22 building sales with a volume of $61,787,900. 

 

Until next quarter, feel free contact us any questions on Miami’s Industrial Market. We are the Miami Industrial Team. 786-433-2380.

Market Statistics Q3 2016

Vacancy Rate

Market Lease Absorption (SF)

Rental Rate ($/SF)

New Space Delivered

Total Inventory (SF)

Total Buildings

Average Sale Price ($/SF)

Cap Rate

3.9%

922,053

$9.41

941,212

235,511,543

8886

$82.96

6.60%

 

 

 

 

 

 

 

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786-433-2380

Top Leases Q3 2016

Tenant

PriceSmart

Keuhne & Nagel Inc.

Withers Moving & Storage

PAS Cargo USA

Adornus Cabinetry

Address

Flagler Station III

DCT - NW 117th St

Flagler Station III

10901 NW 146th St

3200 NW 112th Ave

Size (SF)

3,000,000

152,400

149,000

121,656

85,424

 

 

 

 

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Top Sales Q3 2016

Buyer

UIA Management

PCA

CBS Labs Express

Innovair

JC Toys Group

Address

2140 NW 12th Ave

3500 NW 110th St

6500 NW 77th Ct

11460 NW 39th St

2841 NW 107th Ave

Size (SF)

155,495

159,600

47,477

42,284

34,049

Sale Price

$16,020,000

$12,000,000

$5,500,000

$6,100,000

$4,500,000

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8200 NW 41st Street, Suite 155

Miami, FL  33166

 

Doral, FL  33172​

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