ComReal Miami Industrial Real Estate Market Report First Quarter 2015

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>>>

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.

Miami Warehouse Deals in 2008

ComReal Miami's Industrial Division led by Ed Redlich, SIOR, CCIM was ranked by CoStar for having successfully completed two of the largest deals in 2008. Ranked 3rd for the $21,000,000 purchase acquisition of 17 acres by Costex Corporation. A 300,000 sq. ft. Class A Miami warehouse distribution facility will be constructed in 2009.

ComReal's Ed Redlich and Chris Spear were ranked 4th for the largest Miami warehouse lease deal. Innovative Stone based in New York expanded into the Miami commercial real estate market by leasing Winn-Dixie's former 103,000 sq. ft. Hialeah warehouse space.

Below are the Top 10 largest Miami warehouse lease deals in 2008 according to CoStar. (For the entire report, CLICK HERE or go to www.edwardredlich.com/news&press.htm).

For more info on warehouses in Miami's industrial real estate market, please contact Ed Redlich at 786-433-2379 or eredlich@comreal.com

Rank - Company Name - Size in sq. ft.
1. Pricesmart. 126,767
2. Countywide of Miami, Inc. 121,979
3. B America Corporation. 118,897
4. Innovative Stone. 103,000
5. Schenker, Inc. 100,800
6. Deal Tire and Wheel. 85,300
7. Ingram Micro Inc. 80,000
8. Miami International Freight. 75,000
9. International Cargo Terminals. 65,000
10. Shipco. 65,000

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

ComReal Miami Industrial Division 3rd Quarter of 2008 Report

Miami’s Industrial Market has seen lease rates decrease 10-20% this quarter and vacancy is now up to about 8%, and climbing. Lease rates may fall another 10-20% between now and the First Quarter of 2009. This is good news for those users seeking to lease (and purchase) new Miami warehouse space. Landlords of warehouses in Miami are offering more rental concessions such as free rent and tenant improvement allowances. Most speculative construction is on hold. Green buildings will be less appealing due to higher upfront costs. Financing is still an obvious problem, especially if you are an investor. Expect to see more transactions either owner financed or paid all cash for Miami warehouses. Although overall transaction volume is down, there are still a few significant transactions occurring. For example ComReal Miami represented Innovative Stone in its lease acquisition of 103,000 sq. ft. warehouse in Hialeah.

For the entire ComReal Miami Commercial Real Estate 3^rd Quarter Industrial Division Report please visit http://www.edwardredlich.com/News&Press.htm