The latest numbers are in: industrial rents in South Florida have hit an all-time high. According to a new report by Bisnow, the average asking rent for industrial space across the region reached $9.05 per SF in Q3, up $0.55 from one year ago. The quarter broke the previous high of $8.54, set right before the start of the “Great Recession” in Q3 2007.
The news comes on the heels of the massive sale of the McArthur Dairy facility, a 20-acre site on NW 123rd Street, which went for $24M to Panattoni Development Co. Panattoni says it plans to build a logistics park with speculative warehouse space. That site is just a mile away from Eastview Commerce Center, an under-construction Class-A business park that is already more than 50% pre-leased, according to the report.
Q3 was the 38th quarter in a row in which South Florida’s industrial market has grown–that’s almost nine years straight. Although the rush of new developments pushed vacancy rates up to 4.2% from 3.6% last year, strong demand has kept market occupancy above 95%.
This record breaking price per square foot highlights the region’s continually strong market for industrial property. If you have any sales or leasing needs, contact the ComReal team today. We are always happy to hear from you.