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Miami Industrial Market Flat in Q1

MIAMI-The overall vacancy rate stayed at 9.4% for the county in the first quarter, compared with the same time in 2002. Net absorption was negative 492,173 sf in the first quarter, and leasing activity increased by 20% to 1.8 million sf compared with a year ago.

By Melissa Bogdany | Updated on April 08, 2003

MIAMI-The industrial market here was flat in the first quarter “after a rough 2002,” according to the first quarter Cushman & Wakefield Miami-Dade County industrial report. The overall vacancy rate of 9.4% for the county stayed the same as a year ago.

Net absorption for the quarter was negative 492,173 sf, although leasing activity increased by 20% to 1.8 million sf compared with the same time in 2002.

Only 691,762 sf of space currently is under construction. This figure includes a 230,000-sf build-to-suit project for Dade Paper & Bag Co. Of the remaining 461,762 sf–speculative projects under construction–94% is available. The overabundance of vacant space has put planned projects on hold, according to C&W.

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