Warehouse Demand Drives Developers to New Neighborhoods

Written by Hayley Smith

February 21, 2020

The rise of e-commerce means that more and more companies are searching for warehouse spaces that are both airport accessible and adjacent to population centers. In South Florida, that’s translating to a development boom in two neighborhoods: Miami Gardens and Opa-locka.

Since 2015, lease rates in Miami Gardens and Opa-locka have increased from $6 per square to $8.50 per square foot. Both areas are located near Miami International and Fort Lauderdale-Hollywood International airports, as well as PortMiami and Port Everglades–but it’s not just location that’s playing into their popularity. Tourism, trade and an exploding population are also key factors. According to a recent report by the Miami Herald, the Miami metro area gained 94 new residents each day in 2019.

“Miami Gardens and Opa-locka are locations than can service the both the Miami-Dade and Broward County markets via I-95,” said Edward Redlich, Managing Member of the Miami Industrial Team at ComReal Doral. “Logistics companies find this is a strategic location.”

Current industrial projects in the area include Gateway Commerce Park in Miami Gardens, which offers spaces ranging from 30,000 to 186,822 square feet and is now-move in ready, as well as an upcoming developments by Blackstone and Longpoint

Miami-Dade industrial completions reached an all-time high in 2019, including 5.6 million square feet of new industrial space that expanded local inventory by nearly 3 percent. If you’re looking for warehouse space or are interested in investing in South Florida, now is the time to do so. Contact ComReal’s expert Industrial Team for more information today.

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