Another Industrial Facility Hits Full Occupancy

This 96,077-square-foot class A industrial facility has reached 100% occupancy.

MIAMI—Vista Distribution Center Parcel 19 is all filled up. The 96,077-square-foot class A industrial facility has reached 100% occupancy. McCraney Property Company developed the class A industrial space. It spans two buildings at 2211 and 2213 Vista Parkway within Vista Business Park in West Palm Beach, FL. “The South Florida industrial market has remained on a torrid trajectory with no let-up in sight,” McCraney tells GlobeSt.com. “Nearly 70% of the lease up at Vista Distribution Center Parcel 19 has occurred within the first six months of 2016, and we are confident our other properties will benefit from the market’s intense demand for quality industrial space.” Michael Falk with Michael Falk and Company and Christopher Thomson with Cushman & Wakefield brokered two leases on McCraney’s behalf. Those leases account for about 50% of the buildings’ occupancy. Pilot Air Freight Corp., a worldwide transportation and logistics services provider, leased 31,760 square feet at 2211 Vista Parkway, Suite 1-5. United Subcontractors, an insulation, specialty, and shell construction services provider for residential and commercial projects, leased 19,640 square feet at 2211 Vista Parkway, Suite 6-8. Despite nearly 500,000 square feet of new construction underway in Palm Beach County’s industrial market, available space is limited according to McCraney’s research. In the West Palm Beach submarket, the largest within the county at 14,566,758 square feet. The average vacancy is 3.3%. McCraney is betting big on industrial. He reports i ndustrial lease rates are still not at the highs of 2006 and 2007. That means there is still room for growth. However, he doesn’t anticipate seeing rates rising much higher in the new year as they are currently. In January, McCraney broke ground on the only spec industrial new construction building in Davenport, FL. The location is significant because it sits at the crossroads of Tampa, FL and Orlando. Click here to read more about that industrial project. “We are starting to see a new category of buildings with special amenities that cater to the needs of e-commerce in addition to the more standard new industrial space that offers many amenities over older buildings such as ESFR fire sprinklers, higher clear heights, more loading doors and trailer storage,” Lee Morris , managing director of industrial services for Colliers International, tells GlobSt.com. “The gulf between these newer buildings and the older buildings that do not offer and many that cannot be updated has grown significantly in this cycle.”