The new year has started very strong for the Miami industrial real estate market. The average lease rates have already increased to $8.53 per sq. ft. and the average vacancy rate fell to 5.2%. The net absorption for the 1st quarter was an astounding 1.4M square feet. The largest lease so far this year was Synergy Custom Fixtures lease of the 301,000 sq. ft. warehouse at 215 SE 10th Avenue in Hialeah. This property was formerly occupied by Lagassee Sweet and Banah Sugar. There have been three lease transactions over 100,000 sq. ft. so far this year. In 2014, there was only a total of three. The average Miami warehouse user does not typically occupy larger space. READ MORE>>>
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