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South Florida Industrial Market Demand Still Strong Despite Job Losses

MIAMI-A new survey shows a total 9.7 million sf was absorbed in the Miami-Dade, Broward and Palm Beach county market and a healthy average vacancy level of 5.73%. But some fear the market may slow down shortly due to sagging manufacturing retail and wholesale sales.

By David R. Corder | Updated on February 01, 2001

MIAMI-All indicators appear to favor continued investment in South Florida’s 260 million-sf industrial warehouse and distribution markets even at a time when the national markets plod along under the weight of an economic slowdown, according to a new analysis by Cushman & Wakefield of Florida Inc.

Industrial property vacancy for the 12 months ended Dec. 31 averaged 6.1% in Broward County, 6.6% in Miami-Dade County and 4.5% in Palm Beach County. Miami-Dade’s inventory is 145 million sf; Broward, 76 million sf; and Palm Beach, 39 million sf.

The possibility of weakness exists in the market, especially as manufacturers address a slowdown in wholesale and retail demand, local real estate experts like Lewis Goodkin tell GlobeSt.com. While each of the three markets may lose some jobs, investors are unlikely to pull back on plans for future industrial development.

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