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Archives for the ‘Industrial’ Category

Lincoln Property Company Commences Construction Of 415,000 SF Of Industrial Space

Miller Construction is underway with the simultaneous build of three warehouse/distribution buildings totaling 415,460 square feet at Miami Axis Park, for developer Lincoln Property Company.

The project includes tilt-wall shell construction of the 212,760-square-foot Building 100, as well as 96,540-square-foot Building 200 and 106,160-square-foot Building 300. The business park’s 20-acre site is bounded on the east by Florida East Coast Railroad property. With Building 100 to be located close to the boundary, Miller’s crews will build one side of that building from the interior by lifting and tilting panels outward.

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Demand Continues to Outpace New Warehouse Construction

Demand continues to outpace a four-year surge in warehouse development—much of it speculative—and allay any fears about overbuilding.

There currently is more than 255 million sq. ft. of warehouse space under construction, 70.2% of it on spec. Since 2015, however, warehouse demand has outpaced new warehouse completions by 169 million sq. ft. and rents have increased by 19.2%, according to CBRE Econometric Advisors.

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As Records Fall, South Florida Industrial CRE Lures Institutional Capital To Local Projects

Last year, Miami added nearly 10,000 jobs in logistics alone — more than double the number added in any previous year and almost half the number created across the state according to Transwestern’s most recent market reports.

Miami’s industrial vacancy rate has been below 5% since 2015, and even with new product having come online, it is still just 4.5%, with activity strongest in North Miami Beach, the Miami Airport area and Medley. The last quarter of 2018 saw the industrial market absorb nearly 1.2M SF, the strongest single-quarter performance in four years.

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