ComReal Miami has released it's 3rd Quarter Industrial Market Report for Miami-Dade County. As expected, Vacancy Rates have risen from 6.7% to 7.5%. However, the average Lease Rate slightly increased to $8.53 psf Gross. The explanation for this is that Landlords are still holding on to high Miami warehouse lease rates as long as possible. But expect landlords of Miami warehosue spaces to make more concessions as the economy softens and there are fewer tenants seeking to lease space. ComReal also expects a slow retail, holiday season for the 4th Quarter of 2008. This will eventually effect the Miami warehouse occupancy rate as tenants reduce their inventories.
One of the largest for the 3rd Quarter was ComReal's lease of a Hialeah warehouse space of 103,000 sq. ft.
To download the entire report, please visit http://www.edwardredlich.com/News&Press.htm
Edward Redlich, SIOR, CCIM
Vice-President Industrial Sales and Leasing
ComReal Miami, Inc.
eredlich@comreal.com
1 comment:
I will rent Miami warehouse space after this election and the holidays. Hopefully, warehouse lease rates in Miami will go down.
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