Florida International University (FIU) hosted its Spring 2018 Real Estate Speaker Series on May 15th, 2018. This time, it focused on the state of the Industrial Real Estate in Miami and career advice for starting in commercial real estate. The panel was moderated by Professor Suzanne Hollander.
Ed Redlich and Edison Vasquez from ComReal participated in the panel, along with Gian Carlo Alonso, President and CEO of AmeriKooler, LLC. All three are FIU Alumni. Other panelists included Ford Gibson, George Pino and Sebastian Juncadella.
The first topic discussed was why many companies and investors are attracted to Miami for investment on Industrial Real Estate. All panelist agreed that Miami International Airport, Port Miami, combined with the great population growth, have fueled the Industrial Real Estate Market over the last few years. Another factor is the limited availability of land; Miami is landlocked by Everglades on the West and Atlantic Ocean on the East. In the first quarter of 2018, the vacancy rate for warehouse space in Miami stood at 4.3%, among the lowest in the country and one of the lowest Miami has seen in 10 years.
Gian Carlo mentioned how manufacturing is making a comeback across the country, including South Florida. He mentioned Florida being “Right-to-Work” state is very appealing to companies. Also, transportation cost to move product out Miami can be cheap as most freight comes in and there is a lot of trucking capacity to go out. One worry Gian Carlo mentioned as business owner is the rise in rents for people living in Miami. This hurts employees and could push them to move out; limiting the supply of labor for manufacturing.
On the future of on Industrial Real Estate in Miami, everyone was positive and see great potential moving forward. Industries leading the demand for warehouse space in Miami include Perishables (Flowers and Produce), Aviation and Logistics, including e-commerce.
One additional drive for the growth in the market is the migration of people and companies from high tax states, such as New York, Illinois and California. Ed and Edison have seen this firsthand as they worked on a 47,500 SF lease to a company relocating from New York. Read story here >>> Industrial Building Leased to NY Company
Moving to career advice, Edison and Ed told students to find a spot where one can feel comfortable and grow; not to be afraid of moving from position to position. Brokerage is one of the best way to start in this business. Find team to join; being part of a team is essential to the success in the commercial real estate. A team can give support and guidance to the new person starting in the business. Another note of advice was to work on specializing on a sector of commercial real estate, whether is Industrial, Office, Retail, Multifamily or other. Being an expert on that field will give the agent an advantage over competitors.
Thank you to FIU’s Hollo School of Real Estate for the opportunity of participating on it the panel. Congratulations on putting up such a great event! Our team looks forward to being part of future events.
For more information on Industrial Real Estate in Miami contact ComReal’s Industrial team at 786-433-2380