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Market Report

Miami-Dade Industrial

Second Half 2019

Tight Supply Dynamics and Broad-Based Demand Encourage Investment in Miami’s Industrial Sector

 

E-commerce and 3PL providers driving demand for logistics space, pushing rents higher. Miami-Dade’s industrial sector enters 2020 on a solid foundation with no signs of slowing as strong in-migration trends and robust job growth contribute to a healthy economy and stable consumption. E-commerce has steadily become a more significant factor in the sector, spurring demand for logistics space while also fueling the need for urban infill properties as retailers work to keep pace with rapid delivery demands in a constrained market. Home Depot, Amazon and third-party logistics providers such as UPS and Freight Logistics International inked new leases recently in order to expand their distribution networks, focusing on new Class A space in Miami Gardens, Hialeah, Medley and the Miami Airport area. Exceptional space demand and land restrictions led logistics space to rent for $12 per square foot on average in the second quarter, motivating developers to grow the pipeline with warehouse and distribution facilities on remaining vacant lots on the western edge of the county. Just over 3.7 million square feet is underway in Miami-Dade, headlined by the Bridge Point Commerce center in Miami Gardens where the first phase will deliver more than 1.1 million square feet this year.

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