Miami Leasing Inc. signed a 33,000-sf warehouse lease at 625 West 18th St. in Hialeah. The tenant was represented by CB Richard Ellis associate Erick Padilla. The landlord, Breeze Realty, was represented by Lucky Commercial Realty.
In a separate transaction, parking equipment distribution company Scheidt & Bachmann USA signed a 5,000-sf deal at the Miami International Commerce Center at 1300-1382 NW 78th St. in the Airport West submarket. Padilla represented the tenant; the landlord, PS Business Parks, was represented in house.
"The Miami-Dade industrial market continues to be healthy," Padilla says. "Demand for space is keeping rental rates high and activity strong."
According to a CB Richard Ellis Q4 industrial market report for Miami, the Hialeah submarket finished the year with a 7.4% vacancy rate with 44,738 sf of negative absorption during 2007 and average asking rental rates of $7.05 per sf. The Miami Airport submarket finished the year with a 6.6% vacancy rate and 232,166 sf of negative absorption during the year and average asking rental rates of $10.15 per sf.
"The Miami-Dade industrial market continues the healthy pattern of leasing and sales activity in the fourth quarter of 2007 that it demonstrated the previous quarter," the report states. "Over one million sf of industrial space was leasing during the quarter. Availability and vacancy rates remained under 6% which is still below the national average of about 10%."
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