Amazon opened the doors of its gigantic Opa-locka fulfillment center on Friday, June 28th–the culmination of almost a decade’s worth of deal-making and the capstone to one of the largest single job-creation projects in the history of Miami-Dade.
The growth of e-commerce has increased demand for warehouse space exponentially, but one subset of that real estate sector is really heating up. Cold storage warehouses and distribution centers are suddenly in high demand thanks to new food delivery services such as Peapod by Giant, Amazon Fresh and Blue Apron.
The sector is small now, but growing rapidly.
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.