ComReal's Mid-Year Report shows that there are major leasing and purchasing opportunities that continue to abound. Expect great deals to be available throughout 2009. So there is no need to rush into something unless the right property presents itself at the right price for your business. The Average Lease Rate has fallen to $7.81 per square foot on a gross basis and the Average Vacancy Rate has risen to 9.4%. In addition, the Beacon Council reports that the Unemployment Rate jumped to 11.5%. The declines in local industries such as retail, construction and international trade have all contributed to the lower demand for warehouse space. ComReal has reported that only in the past 30 days has transaction volume actually started to increase as users just now begin to take advantage of the lower lease rates and purchase prices. There were no large lease transactions in the 1st Quarter, however the 2nd Quarter saw the following deals get done: ·MarJam Supplies 65,000 sq. ft.
·American Fine Foods 64,065 sq. ft.
·Marco Destin 50,000 sq. ft.
·Universal Tire 39,463 sq. ft.
·Air Marine 38,923 sq. ft.
·WK International 35,455 sq. ft.
·Riverdale Farms 32,090 sq. ft.
·Limonada Xpress 16,000 sq. ft.
·Pet's Area Code 13,400 sq. ft.
·Blue Trading 10,667 sq. ft.
·Absolute Computer Solutions 10,000 sq. ft.
New to the Market!
Beacon at 97th Avenue Business Park in Doral now has a 105,000 sq. ft. (divisible) warehouse space available for lease. Beacon 97 consists of several Class A warehouse buildings all within a highly-secured business park. www.Beacon97.com
New to the Market!
Beacon at 97th Avenue Business Park in Doral now has a 105,000 sq. ft. (divisible) warehouse space available for lease. Beacon 97 consists of several Class A warehouse buildings all within a highly-secured business park. www.Beacon97.com
The 7000 Building of 127,000 sq. ft. has been completely renovated. This single-user building is now listed on the market for both lease and sale. It is one of the few buildings of its large size that is available for purchase. The property is rail-served by FEC Rail and is adjacent to the Miami Int'l. Airport. www.miamiairportwarehouse.com CRE Events of the 2nd Quarter
April 26th. CCIM Miami hosted Pedro Garcia, Miami-Dade County Property Appraiser. Mr. Garcia has recently announced that assessments declined by 13%. However, the County and local municipalities have indicated increases in the millage rates, meaning property owners will likely not see a reduction in property taxes this year. Expect to receive your notice just after August 24th. [Read more...]
May 31st. The ComReal Companies celebrated its 30th year in the commercial real estate industry!!! [Read more...]July 10th. ComReal sponsored the CIASF luncheon with Guest Speaker, Neal Asbury. The
topic was "America's Anti-Trade Policies" in which Mr. Asbury delivered a lively lecture on the correlation between Miami's international trade and the industrial real estate industry. Mr. Asbury spoke from much of his own experience running his manufacturing and logistics businesses. He also hosts his own radio show on 880 AM (www.thenealasburyshow.com) and is an expert writer (www.asburysworld.com). [Read more...]
topic was "America's Anti-Trade Policies" in which Mr. Asbury delivered a lively lecture on the correlation between Miami's international trade and the industrial real estate industry. Mr. Asbury spoke from much of his own experience running his manufacturing and logistics businesses. He also hosts his own radio show on 880 AM (www.thenealasburyshow.com) and is an expert writer (www.asburysworld.com). [Read more...] Sources: CoStar, CIASF, SIOR, CCIM, Beacon Council and ComReal
View full ComReal Miami Industrial Report 2Q 2009
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