Thanks to its strong position as a port-proximate market and international trade hub, South Florida has a hot industrial sector with strong fundamentals. According to Beacon Council, 1 in 7 jobs in Miami are related to logistics. Low vacancy rates have been fueled by impressive demand, which begs the question: how and when will developers deliver more supply? The rise of e-commerce and 3PL (third-party logistics) has also continued to drive demand to fulfill fast deliveries of products. Logistics and distribution centers are being placed closer than ever to population centers and transit hubs. As industrial space moves toward urban centers, developers and builders must be creative with limited space. According to NREI, more REITs and landlords are adding value-add and redevelopment projects to their portfolios, as opposed to ground-up development as they compete to satisfy demand for industrial space. Warehouse designs have responded to this need, as all retailers, not just e-commerce companies, compete to occupy last mile space. Find out what trends like cold storage, e-commerce company relocation, off-dock facilities and multistory warehouses are driving demand in the industrial market. Join us to find out all this and more at our South Florida Industrial event!
For more information: Bisnow: South Florida Industrial & Logistics Update 2019