Industrial Market Hottest in Years
The fishing's good in local waters. Just ask State Street Realty president George Pino, snapped here with a 45-pound mahi mahi, friends and family. He also tells us that the MIA submarket's as strong as he's seen it in over eight years. Strong demand for both office and industrial space in the MIA submarket has rents on the rise and vacancies going down, George notes. Overseas investors are still eager to be here as well, never mind the exchange rate. They're acquiring income-producing properties in the $1M to $30M range in South Florida, "more so than at any time during my 23-year career,” he says.
The current dynamic is fueling South Florida as one of the nation’s hottest markets for industrial development, with over 3M SF under construction, George adds. State Street, which reps a number of landlords in in the industrial and office markets, recently inked a deal with Globesource Consumer Products for 15k SF of warehouse space at Medley Commerce Center (pictured), and repped AFCEE in its purchase of the 127k SF industrial property at 1000 Park of Commerce Blvd in Miami.
