Miami Industrial Market Report for Year End 2008 by ComReal

The second half of the year 2008 experienced declines in lease rates;
sales prices and overall transaction volume. Miami’s Industrial Market
has seen lease rates decrease 10-20% and vacancy is now over 8%,
and climbing. A good Tenant Rep Broker can negotiate lease rates
down further and achieve better terms. This is good news for those users
seeking to lease (or purchase) Miami warehouse space. Landlords
have to offer more rental concessions such as free rent and tenant improvement
allowances. Expect the entire year of 2009 and likely into
2010 to be full of major leasing and buying opportunities. (Notice in the
chart below, that lease rates in all regions have declined nearly $2.00
psf from their recent peaks).

Source: CIASF Industrial Report Miami 2009

Financing is still a major problem, especially if you are an investor. So
expect to see more transactions either owner financed, joint ventured,
paid all cash and/or leased with a purchase option. Overall transaction
volume may likely remain low in the upcoming year for 2009. Most
speculative construction is on hold.

ComReal continues to be a leader in the commercial real estate industry.
Since 1979, ComReal has been a reliable firm to advocate its clients’
warehouse needs with experienced professionals. According to
CoStar, ComReal Miami completed the 4th largest lease transaction
and the 3rd largest sale for the year.

ComReal Miami is proud to advertise the Commerce Park Warehouse;
an 127,000 sq. ft. warehouse on the FEC Rail near Miami International
Airport. (Visit www.miamiairportwarehouse.com).

For the complete market reports provided by CoStar and CIASF,
please visit www.edwardredlich.com/News&Press.htm

For commercial real estate info across the country please visit http://commercial-real-estate.cc