Industrial Surge!
Easton Group chairman Edward Easton tells that the most immediate growth in deal volume for South Florida will be in the industrial sector, specifically in the western parts of Miami-Dade that enjoy proximity to both airport and seaport. "With property values recovering and interest rates low, we anticipate a lot of sales activity in 2013, since the economics are in favor of those who buy versus leasing," he says. Pictured: Edward with his children and grandchildren last summer at the American Diabetes Association Father of the Year Award.
Edward predicts lease rates will continue to improve as well, as demand for space increases, but supply stubbornly refuses to keep up. Even though the opening of the renovated Panama Canal isstill about two years away, the Port of Miami is one of the few Eastern seaboard ports whose own renovation will be ready in time for it to handle the new surge of larger cargo ships(the others are Baltimore and Norfolk, Va.). Edward says he's getting ready for the uptick in CRE volume: his company has hired three new sales associates over the past two months.
