The absorption rate stands at a negative 725,835 sf, compared to last year when it was a positive 282,000 sf. Reduced demand and new construction have increased supply.
"We're at a static point right now and businesses are taking a wait-and-see attitude," Wayne Ramoski, director of industrial sales and leasing at Cushman & Wakefield in Miami, tells GlobeSt.com. "A lot of space has been downsized because of declining sales and I don't see anything in the economy right now that's going to turn it around."
Regions hit hard by the sluggish market are Airport West, with 13.5% vacancy and Medley at 14%. On the bright side, low vacancy areas such as North Central Dade with 7.1%, and Hialeah with a 5.3%, continue to thrive in the slow market, the report says.
The direct weighted average for the rental rates stood at $24.29 per sf, high tech; $5.38 per sf, manufacturing; $6.32 per sf, warehouse/distribution; and and $10.30 per sf, office showroom. The county has one million sf under construction.
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