Demand Remains High for Industrial Space in Miami
TCS officials note that Miami is one of the nation’s strongest industrial markets with low single-digit vacancy and demand concentrated in the Medley, Hialeah, and Miami Airport submarkets.
MIAMI—The industrial market in Miami remains strong as two firms have executed leases totaling more than 104,000 square feet here.
Commercial brokerage firm Transwestern Commercial Services reports that GEODIS Logistics has signed a new 65,130-square-foot, long-term lease at South Florida Logistics Center at 3200 N.W. 67th Ave., Building 7, in Miami’s Airport submarket.
The space will be used by GEODIS to fulfill the logistics needs of a client distributing goods throughout South Florida. TCS, in partnership with Pro Venture, Geodis’ exclusive national broker, represented the tenant in the deal.
In another deal in the Miami area industrial market, Crowley Logistics signed a 38,925-square-foot, long-term lease renewal at Flagler Station at 11401 N.W. 100th Road in Miami’s Medley submarket.
Transwestern Commercial Services’ executive managing directors Walter Byrd and Ben Eisenberg, managing director Thomas Kresse, and VP Carlos Gaviria facilitated both transactions on behalf of the tenants.
The landlord, Flagler Global Logistics, was represented in-house by Chris Sutton and Andrew Lehrer in the GEODIS transaction. Cushman & Wakefield’s Stuart Gordon represented the landlord in the Crowley Logistics deal.
“We continue to see strong demand in Miami-Dade’s industrial market, especially in areas near Miami International Airport,” says TCS’s Byrd. “We anticipate further tightening of the market as competition among industrial users, and particularly logistics companies, remains strong for locations that will position their business operations near or with superior connectivity to the airport, seaport, and major roadways.”
TCS officials note that Miami is one of the nation’s strongest industrial markets with low single-digit vacancy and demand concentrated in the Medley, Hialeah, and Miami Airport submarkets. As of year-end 2018, Miami-Dade industrial real estate saw net absorption of 1.3 million square feet and a 4.5% overall vacancy rate.
The two industrial lease transactions come on the heels of the TCS South Florida industrial team securing a 364,608-square-foot, full-building lease renewal recently with CEVA Logistics at 5601 N.W. 72nd Ave. in Miami’s Airport submarket on behalf of landlord, Clarion Partners.