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South Florida Industrial Market’s Q2 Is Strongest Quarter In Three Years

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South Florida’s industrial real estate market’s second quarter proved to be its strongest period in three years, according to a recently released report from Newmark Knight Frank.

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A Safe Bet: South Florida’s Industrial Market Could Boom After Pandemic

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Industrial developer Jose Hernandez-Solaun of The Easton Group has seen Amazon spur the rise of e-commerce over the last few years. But now, he sees the coronavirus pandemic rapidly ramping up that growth — putting it on steroids.

“What we are finding now is the coronavirus effect,” said Hernandez-Solaun. “If the Amazon effect was strength training, this was what you get on performance-enhancing drugs.”

Hernandez-Solaun and other South Florida industrial brokers and developers say the sector could benefit in the long-term from many of the behavioral changes spurred by the crisis. Consumers, increasingly from older generations, will shift more of their spending to e-commerce. More manufacturers will come to the Americas from China. And after experiencing inventory shortages, more warehouses will be needed, experts say.

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Average Sale Prices Of Local Industrial Spaces Have Dropped, But Experts Aren’t Worried

Warehouses in South Florida sold for less this year than in 2018, according to a recent study. But the price per square foot in Miami-Dade was up, indicating a healthy market, say experts.

The average sale price for industrial spaces in Miami-Dade, Broward and Palm Beach dipped from $1.9 million in 2018 to $1.6 million in 2019, according to Reonomy. The commercial real estate data company studied nine metro areas from 2014 to 2019 in its “State of the Industrial Real Estate Market: MSAs on the Rise” study published in November.

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