Search
 

South Florida Industrial Levels Out

MIAMI-After record vacancy and rising rents last year, the region saw some stability in the first quarter.

By Crystal Proenza | Updated on May 06, 2008

(Crystal Proenza is associate editor of Real EstateFlorida.)

MIAMI-During the first quarter of 2008, the South Florida industrial real estate market has experienced an increase in vacancy rates and stabilizing rents. However, market reports and experts say the region is just experiencing equalization after 2007 saw rising rents, sometimes in the double digits, and record-low vacancy rates under 5%. Rising fuel costs are also putting a strain on the industrial market, making it more expensive to operate commercial vehicles.

In Miami-Dade County, the current vacancy rate is 6.3%, which is higher than last year, but still below the statewide average of 6.5%, according to research by Cushman & Wakefield of Florida. Meanwhile, a first-quarter report by CB Richard Ellis points to an increase in sublease space in the region, offering more leasing opportunities than at any time in the last four years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.