ComReal Miami Industrial Division: 1st Quarter 2009 Report

As expected, Vacancy Rates increased to 8.8% and Lease Rates decreased to $8.30 psf. However, the differences were slight. For being in a national recession, much of Miami’s industrial real estate market is doing fairly well compared to other industries. Expect to see good leasing and buying opportunities throughout 2009.

The Miami Airport West submarket continues to be in higher demand overall due to its access and proximity to the airport. Class A facilities in this submarket will retain most of their value even in a down market. Although property values have decreased overall, we are confident that high quality assets in good locations are better positioned to drive performance as the market recovers.

Overall deal volume is certainly down. The top ten lease deals for the quarter averaged only about 9,350 sq. ft. in the entire County! In this period, ComReal successfully negotiated three of the largest leases including: Lemonade Xpress of 16,455 sq. ft.; Blue Trading of 10,667 sq. ft. and Pet’s Area Code of 13,500 sq. ft.

ComReal has been appointed the exclusive leasing agent for Beacon at 97th Avenue in Doral. This is the only Class A business park in Miami that is fully fenced, secured with video surveillance and security guard. Current tenants include Ace Hardware, Bell Microcomputers, US Post Office and Clover Logistics. Of the 400,000 sq. ft. total space, there are two spaces available of 44,000 and 103,000 sq. ft. (fully A/C’d). For more info, please visit www.Beacon97.com.

ComReal was proud to participate in the following events:

¨ Port of Miami Tour with Bill Johnson, Director

¨ Florida Customs Brokers & Forwarders: Miami Cargo Theft

¨ CCIM Miami with Pedro Garcia Miami-Dade County Appraiser

¨ SIOR Tour of Orlando Commercial Real Estate Market

¨ CCIM Miami 2009 Annual Outlook Conference

¨ CIASF Industrial Market Report 2009 Annual Meeting

Please visit www.edwardredlich.com for the complete CRE market reports, news events and more. Feel free to contact us anytime for a confidential consultations. Thank you.