Miami-Dade Industrial Leases Indicate Healthy Market

Miami’s industrial market is gaining momentum, according to CBRE’s research, further supported by the multitude of industrial leases signed in recent weeks.
Miami International Trade Center

Miami International Trade Center

The industrial segment in Miami has experienced healthy leasing activity throughout 2015, with nearly 2.1 million square feet of net absorption during the year, according to CBRE research. This has pushed vacancy down to 3.8 percent in Q3, 70 basis points below last year’s vacancy rate.

CBRE assisted in seven industrial lease transactions totaling 136,396 square feet in Miami-Dade County over the past two months. Marine-IX Inc. leased 24,335 square feet at Terreno Realty Corporation’s 85,000-square-foot property in Medley Industrial Park (located at 11225 NW 131st St.), bringing the building back to 100 percent occupancy. Heritage Tobacco also extended and expanded their long-term lease at Terreno’s Miami International Trade Center, taking a total of 33,000 square feet of the 155,000-square-foot property. U.S. Impact Systems leased 40,300 square feet at Peter Lawrence Company’s World Distribution Center (2970 NW 75th Ave.). Noland Company Inc. renewed their lease for 12,000 square feet in Miami International Commerce Center (1700 NW 82nd Ave.). Additionally, three companies signed renewals at Peter Lawrence Company’s Skyway Center (6910 NW 12th St.), for a total of 27,500 square feet.

A Miami-based industrial team led by CBRE’s Senior Vice President David Albert, First Vice President Devin White and Associate Andrew Lehrer completed all transactions. Albert, White and Lehrer specialize in tenant and landlord representation for local, regional and national clients in South Florida.

Photo credit: Americas Property Management Corporation