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South Florida Industrial Market Softens, Rents Rise Again In Fourth Quarter

South Florida’s industrial market slowed down slightly in the final quarter of last year, as vacancies inched up while asking rents rose again.

The tri-county region posted a 4 percent vacancy rate compared to 3.4 percent during the same period of the previous year, according to a recent Newmark report. And leasing activity across Miami-Dade, Broward and Palm Beach dropped to 3.6 million square feet in the fourth quarter, compared to 6.3 million square feet in the preceding quarter.

At the same time, landlords again raised the average asking rent in South Florida’s industrial market. In the fourth quarter of last year, they asked for $13.16 a square foot, compared to $11.97 a square foot in the third quarter and $10.11 a square foot, year-over-year, Newmark found.
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Insatiable Demand And Tightening Supply Pump Up South Florida Industrial Rents

South Florida industrial landlords experienced more bountiful returns on their investments during the first quarter, according to a recently released report.

In Miami-Dade, demand consistently outpaced supply, even as industrial developers added about 11 million square feet of new warehouse space in the past three years, the JLL report found. During the same time period, Miami-Dade’s industrial sector absorbed 15.3 million square feet.

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The South Florida Answer To West Coast Logistic Bottlenecks

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South Florida’s industrial market fundamentals, particularly for bulk warehouse space, blew through the third quarter of 2021 on strong leasing demand and new construction

The region’s healthy consumer market and growing population helped push investor and occupier confidence in the industrial market, which is likely to continue through 2022.

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