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Global Logistics Company To Occupy Industrial Building Within Miami Midway Park

A logistics company with warehouse and distribution centers across the globe has closed on a leasing deal for an industrial building in Hialeah that has not yet been built.

Erie, Pennsylvania-based Logistics Plus will occupy an entire 181,051-square-foot warehouse at 9535 N.W. 174th St. within Miami Midway Park. The 42-acre industrial project is now being developed by Coconut Creek-based Butters Construction & Development and Charleston-based Greystar.
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Rising Rents Push Industrial Tenants And Development To More Remote Areas

The global COVID-19 pandemic thrust industrial real estate into the spotlight as more people shopped from home, creating a seemingly insatiable demand for warehouse and logistics space to store and move the goods they ordered.

As a result, rent for industrial properties increased 6.3% in 2022 to $7.03 per square foot, and the market set a record for 450 million square feet of new space delivered, according to Commercial Edge’s January industrial report.

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Tight Industrial Supply Turns Subleases Profitable

Some dynamics of logistical and industrial space leasing are feeling pressures of inadequate supply, according to a panel of NAI Global industrial and logistics real estate experts meeting virtually.

Although demand pacing ahead of supply had become expected by partway through the pandemic — industrial with multifamily being the two darling property types for owners and investors — many markets have become weaker. A recent Cushman & Wakefield study found that industrial had shown signs of slowing down in the fourth quarter of 2022. Only five of 81 tracked markets posted double-digit quarterly increases, although some bright spots such as Charleston, Inland Empire, Phoenix, and Miami all recorded annual gains of 40% or higher. Coastal and port/population-proximate markets continued to see premium pricing.

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