U.S. industrial absorption is on track to finish 2018 with its third-strongest net occupancy growth this cycle for industrial space, behind only 2016 and 2014, according to Cushman & Wakefield’s Q3 2018 report on the industrial market. That finding agrees with other recent assessments of the market. Moreover, the outlook is bright for more occupancy growth across all classes of industrial product. The combination of limited new product and high utilization rates for existing footprints will mean strong performance…
Blistering Demand For Industrial Space Drives Up National Occupancies, Sets Off A Wave Of Development
Conditions Ripe For More Multistory Warehouses In Densely Populated Cities… Including Miami
Multistory warehouses are becoming more common in densely populated metropolitan areas. Seattle, San Francisco, New York, Miami, Chicago and Los Angeles are the most favorable markets for this type of industrial development to take place due to the high land prices, dense population and the high concentration of e-commerce shoppers in these markets. The multistory warehouse trend is just starting to emerge in the U.S., CBRE reports. The recently completed three-story, 590K SF Prologis Georgetown Crossroads…
Miami Free Zone Complex To Include Two New Industrial Buildings Totaling 318,000 SF
In its latest project for Foundry Commercial, Miller Construction Company is underway with two new Class A industrial buildings totaling 318,043 square feet at the Miami Central Commons business park in Doral. Purchased by Foundry Commercial in 2017, the business park at 2301 NW 107 Avenue was previously known as Miami Free Zone. The park has two existing buildings. Miller’s $20.6 million tilt-wall construction project is creating 155,350 square feet of showroom space with Building 1 and 162,693 square feet of industrial…
Developers Are Scrambling To Meet Growing Demand For Warehouse Space
With manufacturing on the decline, developers are increasingly turning old industrial buildings into distribution centers to meet growing demand for warehouse space. According to a report by Newmark Knight Frank, e-commerce is driving demand for industrial properties that can be repositioned into or demolished to make way for distribution centers. In the past decade, the U.S. has lost roughly 640,000 manufacturing jobs, according to the Bureau of Labor Statistics. Thomas Hanna, president of Harvey Hanna…
Drop Shipping: The Latest Trend To Take Florida-Based Small Businesses By Storm
While not everyone may agree with the policies of President Trump, the fact of the matter is that the United States economy seems to be performing well. In fact, recent figures highlighted the fact that the jobless rate is now at a 49-year low of only 3.9 percent. While this is great news for the economy as a whole, we still need to keep in mind that many Florida-based small businesses are facing a number of challenges….
Lee & Associates Miami Announces Senior Vice President Of Retail Investment Sales
MIAMI, FL – October 3, 2018 – Lee & Associates Miami, one of the largest privately owned national real estate firms that has recently expanded into South Florida, has just announced their latest addition of veteran broker Victor Pastor as Senior Vice President of Retail Investment Sales. “We are very excited to have Victor’s wealth of knowledge and experience in the office, and we are confident his client’s will be thrilled with the culture of…
Real Estate Economists Remain Positive On U.S. Economy And CRE Industry
Real estate economists continue to have a generally bullish outlook for the U.S. economy, capital markets, and real estate fundamentals. Overall, expectations have improved since the prior forecast in March 2018, and the strong second-quarter gross domestic product (GDP) growth rate of 4.2 percent was fresh in forecasters’ minds as they weighed in on future years. Based on this forecast, the U.S. economy will easily surpass the current record for length of expansion (120 months)…
TA Realty Pays $92M For Industrial Portfolio In Hialeah Gardens And Medley
TA Realty just paid $92.25 million for a ten-parcel industrial portfolio in Medley and Hialeah Gardens. Miami-based commercial real estate firm Cofe Properties sold the nearly 932,500-square-foot portfolio. Property records show Cofe bought the assemblage in 2013 for $48.3 million. South Florida’s industrial market remains strong, and Hialeah is among the top-performing submarkets. According to a recent CBREreport, about half of all industrial transactions in Miami-Dade County in the second quarter took place in Hialeah. Cofe and TA Realty have bought and sold from each other before. In January, TA Realty sold 41 warehouses totaling roughly 376,000 square feet…
Towns And Cities Want In On Mall Redevelopment Game
Local governments around the country are doing what few investors will — buying up dead or underperforming mall properties for redevelopment. Towns and cities are scooping up the beleaguered malls with the hopes of redeveloping or repurposing them for the community, according to the Wall Street Journal. The acquisitions are often made through land banks at bargain prices because no other investor is willing to take the risk. In Springfield, Ohio, the Clark County land…