Demand rises in Miami-Dade warehouses
In Miami-Dade County, the demand for warehouses has increased, which is why companies that have large capital to build their own warehouse have the option of doing so or continuing to pay for a space for it in Doral. This is how Farmasi preferred to create his own space so as not to continue paying rent and avoid more expenses, reported El Nuevo Herald.
"We don't like to pay other people for rent when we have the capital to build our own place," said Sinan Tuna, CEO of Farmasi, adding: "We can also build a space to suit ourselves."
This company is not the only one as others as well as organizers continue to create their own warehouse, since the amount of warehouse space that was rented last year in Miami-Dade County increased brutally to almost 8 million square feet.
“Based on data from the beginning of the first quarter of 2022, the county has 224 million square feet of warehouses with a vacancy rate of 2.6%. That is the lowest rate in at least six years. Last year there were 7.8 million square feet of rented industrial space, surpassing the all-time high of 4.3 million square feet in 2015, according to the most recent report from JLL, a commercial property manager,” reported El Nuevo Herald.
The increase in prices in both the Miami industrial real estate market is parallel to the office and residential rental markets as these are influenced by the population growth in the locality.
According to Colliers' managing director for industrial services, Erin Bryers announced, “Every home has a certain level of consumption. The more people there are here, the more need there is to store our products.”
Likewise, Bryers emphasizes that everything we have must be transported and stored, which is why they are increasing.
“Many people don't realize that everything we consume, from pens to coffee, goes through a warehouse before reaching our homes. Each person can increase the demand for goods. As people continue to move here, we will see demand increase,” Erin explained.
Miami Daily
Author: Natasha Palís 7:53 am