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Bargains Tighten Right Along With South Florida's Industrial Market

November 12, 2013

The South Florida Industrial market ended the third quarter 2013 with a vacancy rate of 6.9%.

The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,815,036 square feet in the third quarter. That compares to positive 1,045,997 square feet in the second quarter 2013. Vacant sublease space decreased in the quarter, ending the quarter at 606,897 square feet.

The South Florida Industrial market ended the third quarter 2013 with a vacancy rate of 6.9%.

The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,815,036 square feet in the third quarter. That compares to positive 1,045,997 square feet in the second quarter 2013. Vacant sublease space decreased in the quarter, ending the quarter at 606,897 square feet.

Some of the notable move-in’s occurring in 2013 include: Leon Medical Centers moving into 355,000 square feet at 8600 NW 41st; TVM Studio moving out of 258,000 square feet at 2500 SW 32nd Ave; and Schencker, Inc. moving into 150,000 square feet at DCT Commerce Center.

Rental rates ended the third quarter at $7.93, an increase over the previous quarter.

A total of five buildings delivered to the market in the quarter totaling 393,839 square feet, with 1,740,504 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. National Industrial vacancy rate, which decreased to 8.3% from the previous quarter, with net absorption totaling positive 50.37 million square feet in the third quarter. Average rental rates increased to $5.31 this quarter, and 202 industrial buildings delivered to the market totaling more than 22.4 million square feet.

Source: CoStar

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