Miami’s Industrial Real Estate Booming Near Airport

by Isaac Benmergui, Esq on August 14, 2012

The newest building boom in Miami isn’t condos or casino, it’s warehouses, chiefly in the warehouse district west of Miami International Airport. Vacancy rates are dropping, inventory dwindling and investors foreign and domestic want more space.

At present, nearly one million square feet of space is already under construction or about to break ground near the airport, and most of the space isn’t even leased yet, but owners are confident in the market’s future. There are at least another two million square feet planned in the next few years.

Investors are “looking at Miami as a tier-one city,” said Jose Juncadella, principal with Fairchild Partners. “This is one of the best locations for them to have an investment because it’s a constrained market and you have a lot of demand for land.”

And prices are skyrocketing for industrial space.

More than six million square feet of industrial space were purchased in South Florida during the first half of this year for total volume of $485.3 million, according to Jones Lang LaSalle, a national brokerage firm. Investors have surmised that Miami is the next best place to have a presence and are willing to pay for premium property. When a property becomes available, scores of bids drive the prices higher than anyone could have imagined in the last four years and that’s a good thing for the city.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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