With industrial real estate sale prices in Miami-Dade County hitting record levels and vacancy rates dropping, there’s suddenly a mini building boom under way in the warehouse district west of Miami International Airport.
After several years when industrial warehouse construction ground to a halt in Miami-Dade, there is now nearly one million square feet of warehouse space under construction or expected to break ground within the next month or two.
The vast majority of the space is being built without tenants because the owners are so confident in the market’s future. And that’s only the beginning. There are at least another two million square feet in the pipeline.
South Broward is also seeing a small surge, with 350,000 square feet under construction.
