Market Statistics for Miami Industrial Real Estate - Q4 2017

Leasing activity for warehouse space in Miami increased greatly during the 4Q of 2017. Sales of buildings also remained strong, although at a slower pace than last quarter. Net absorption of warehouse space was for this quarter was 373,017 Sq. Ft., an increase from the third quarter 2017 but a decrease from the fourth quarter 2016. The chart below shows amounts and changes. Vacancy rate continued its declining trend and stood at 4.00% in the quarter, compared to 4.10% in the 3Q of 2017 and a slight increase from 3.70% in 4Q 2016. This low vacancy rate is one of the lowest in the country. Showing the strength of the industrial real estate market in Miami. This has put pressure on lease rates, which increased to an average of $9.76/Sq. Ft. during the quarter.   

New constructions of warehouse buildings continued strong during the quarter. Seven buildings were delivered, totaling 248,395 Sq.Ft. a slight decrease from the 3Q 2017 where 578,075 Sq. Ft. were delivered. This delivery of new buildings helped increase the total inventory of industrial space in Miami; for 4Q 2017 it stood at 239,969,058 with a total of 8,923 buildings. Going into next quarter, there are 5,084,198 Sq. Ft. of industrial space under construction.  

 

Sales of industrial buildings had a robust performance in the fourth quarter. There were 31 industrial sales with a volume of $180,010,100 totaling 2,193,048 Sq. Ft. This represents a decrease from the third quarter 2017 where there was a volume of $298,600,828 on 2,683,852 Sq.Ft. Also, a decrease over the fourth quarter 2016 where the volume $275,062,100 for a total of 1,775,493 Sq. Ft. 

 

2017 was another strong year for the warehouse market here in Miami. More demand for warehouse space will keep absorption rate positive. In the coming quarters, we’ll see more companies from high tax states moving to South Florida. First quarter 2018 should bring more positive news. As a reference, 1Q 2017 showed 3.9% vacancy rate with 602,988Sq.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 Q4 2017

Vacancy Rate

Market Lease Absorption (SF)

Rental Rate ($/SF)

New Space Delivered

Total Inventory (SF)

Total Buildings

Average Sale Price ($/SF)

Cap Rate

4.00%

373,017

$9.76

248,395

239,969,058

8923

$82.08

6.73%

 

 

 

 

 

 

 

Contact Us for more Information

786-433-2380

Top Leases Q4 2017

Tenant

Eco Windows

Ross Logistics

Vertilux

Monat Global Corp.

Pan Ocean Freight

Address

9001 NW 87th Ave

 

6695 NW 36th Ave

 

7750 NW 79th Pl

 

3450 NW 115th Ave

 

725 SE 9th Ct

Size (SF)

182,000

 

115,000

 

110,000

 

87,531

 

80,210

 

 

 

 

Contact Us for More Information

Top Sales Q4 2017

Buyer

Foundry Commercial

 

Terranova

 

Rok Acquisitions

 

Foundry Comm

 

Centerpoint

Address

2305 NW 10th Ave

7777 NW 41st St

15801 NW 49th Ave

8200 NW 27th St

 

3355 NW 114th St

Size (SF)

823,000

 

232,717

 

150,000

 

134,175

 

130,000

Sale Price

$85,500,000

 

$40,270,000

 

$8,800,000

 

$22,800,000

 

$17,500,000

CONTACT
US

For any general inquiries, please fill in the following contact form:

  • LinkedIn
  • Twitter
  • YouTube
  • Instagram

OUR ADDRESS

8200 NW 41st Street, Suite 155

Miami, FL  33166

 

Doral, FL  33172​

Email Us 
Tel:   786-433-2383

Fax:  888-316-6818

 

Click Here to Find Us

© 2020 by Warehouses Market. Website designed by Tribe of Digital Natives