Miami-based brokerage and advisory firm State Street Realty, working on behalf of Landlord Prologis, recently closed approximately 45,000 square feet in lease deals, bringing the industrial space at the 1.7 million-square-foot Beacon Centre Business Park to 100% occupancy.
Outfront Media, Inc. leased 27,641 square feet of industrial warehouse space at Prologis Beacon Centre. Mort Fetterolf and Erin Byers of Colliers International represented the Tenant.
Neutralogistics, LLC will also be calling Prologis Beacon Centre home, leasing 15,148 square feet of industrial warehouse space. Juan Ruiz of Blanca Commercial Real Estate represented the Tenant.
According to State Street Realty President, George Pino SIOR, “Market data for the industrial market remains positive in the Miami Airport/Doral area with vacancy rates at approximately 5%, strong demand for Class A and B warehouse space and rental rates on the rise. The demand for quality industrial warehouse product is currently outpacing the available supply. Strong leasing activity and a demand for new Class ‘A’ product resulted in nearly 2 million square feet of new development in 2014, with a further 790,000 SF completed in Q1 of 2015. Development is focused in the Medley and Miami Airport sub-markets, which together have more than 750,000 square feet in new projects currently under construction. These are expected to deliver between May and December 2015, with more than one-third of this space pre-leased.”