Figures from Cushman & Wakefield show just over 6.3 million sf of first-half leasing and sales transactions in Miami-Dade County for manufacturing, warehouse/distribution and office/service space. Countywide, the area had a positive net absorption of 405,675 sf. About one-third of that activity was in the nearly 42 million-sf Airport West submarket.
In that market, abundant construction and a softening of Latin American economies contributed to negative six-month absorption of 452,370 sf, pushing up the vacancy rate to 12.1% from 10.1%.
Despite higher vacancies, Airport West continues to flourish as Miami-Dade's most sought-after industrial submarket, not only by freight forwarders prizing its convenience to the airport but also by high-tech firms. Owners of warehouse space with asking rents averaging 6.35 psf are rushing to convert whatever such facilities they can to switch and web-hosting facilities leasing for $10 to $20 psf.
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