Market Statistics for Miami Industrial Real Estate - Q3 2018

The industrial market in Miami continues its strong performance in the third quarter of 2018. The absorption for this quarter was similar to that of 2Q, net space absorbed was 1,383,043 Sq.Ft. Just a little below the 1,470,070 Sq.Ft. in 2Q 2018 but much higher than the 174,347 Sq.Ft. in 3Q 2017. The chart below illustrates the amounts for all the quarters. As expected, the strong absorption in these two quarters, pushed the vacancy rate down to 3.80%. A decrease from 4.10% in the 2Q 2018 and 3Q 2017. This trend of low vacancy has continued despite the large number of new construction projects delivered and in the pipeline. This strong demand for warehouse space here in Miami has pushed lease rates now to an average of $10.59/Sq.Ft. The highest number in over a decade!    

 

Developers delivered a strong amount of new warehouse space during the 3Q 2018. A total of 1,332,445 Sq.Ft. over 8 buildings were delivered in the quarter. This is very similar to the 1,431,182 Sq.Ft. delivered in the 2Q 2018 but lower than the 578,075 Sq.Ft. delivered in the 3Q 2017. As a result of all this new construction, the total inventory of warehouse space in Miami stands at 242,828,846 Sq.Ft. with a total of 8,935 buildings. Despite all this new construction being delivered, there are still 5,434,126 Sq.Ft. under construction. 

Sales for industrial buildings in Miami kept with leasing activity. For this quarter, there were 36 industrial sales with a record-breaking volume of $388,992,300 totaling 2,771,246 Sq. Ft. The average sale price for this quarter jumped to $140.37/SF. This strong activity highlights the appetite from investors and user for industrial buildings in Miami. 

 

As the national economy exhibits robust growth, Miami has capitalized on this growth. More companies relocating and expanding in the state means more demand for warehouse space. 4Q 2018 should be a strong one. As a reference, 4Q 2017 showed 4.00% vacancy rate with 373,017 Sq. Ft. Net Absorption.       

 

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 2018

Vacancy Rate

Market Lease Absorption (SF)

Rental Rate ($/SF)

New Space Delivered

Total Inventory (SF)

Total Buildings

Average Sale Price ($/SF)

Cap Rate

3.80%

1,383,043

$10.69

1,332,445

242,828,846

8,935

$140.37

6.34%

 

 

 

 

 

 

 

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786-433-2380

Top Leases Q3 2018

Tenant

Expeditors Logistics

Summit Aerospace

Interworld Freight Line

Ap[ollo Export Warehouse

ArjoHuntleigh

Address

12960 NW 15th St

8130 NW 74th Ave

9705 NW 108th Ave

2930 NW 75th Ave

3840 W 104th St

Size (SF)

136,800

93,177

63,300

60,000

32,459

 

 

 

 

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Top Sales Q3 2018

Buyer

TA Realty

CenterPoint

Elion Partners

Realterm

Badia Spaces

Address

Portfolio

7000 NW 32nd Ave

16100 NW 82nd Place

7500 NW 82nd Ave

2101 NW 82nd Ave

Size (SF)

932,500

397,585

97,189

28,500

54,361

Sale Price

$92,000,000

 

$22,960,000

 

$10,300,000

 

$10,000,000

 

$9,500,000

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8200 NW 41st Street, Suite 155

Miami, FL  33166

 

Doral, FL  33172​

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