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With completion expected in Q2 2023, Woodmont Industrial Partners and Butters Construction & Development have begun construction on a 250,000-square-foot warehouse logistics facility located within the Palm Beach Park of Commerce.
Florida began preparing for the industrial boom over a decade ago, adding infrastructure growth projects at the ports and rail transportation in preparation for the expansion of the Panama Canal. That, coupled with the unforeseen and expedited rise of e-commerce as a result of the global pandemic starting in 2020, pushed industrial into the spotlight of the commercial real estate industry.
A recent report noted that CRE investors, owners, and operators can’t completely rely on what happened in the past because every cycle has its own quirks. As things change, perhaps rapidly, there are two broad signals worth watching.
The site covers 8.9-acres at 1463 Dr. Martin Luther King Jr. Blvd.
Released just before Christmas, the latest U.S. industrial market report from CommercialEdge found that rents on in-place leases rose 6.5% nationally year over year, while the national vacancy rate dipped to 3.8%.
The South Florida Business Journal recently gathered real estate experts together for its ninth annual Market Review panel event. Panelists discussed how high interest rates and inflation have affected some property sectors and not others, whether the state’s continued population growth will make it less susceptible to a national recession, and other key topics.
Across Miami-Dade, Palm Beach and Broward counties, major retailers and shipping services leased 2.8 million square feet of industrial space in the largest leases of 2022, far outstripping last year’s total of 2.2 million square feet.
One area seeing pressure to develop is known as the Agricultural Reserve, 20,000 acres that stretch for miles in areas west of Florida’s Turnpike, including near Delray Beach. That is the dilemma facing commissioners. There is a proposal to build housing in an area where development seems to be swelling up all around it.
After securing a $26 million construction loan, Butters Construction & Development broke ground on a warehouse on a 12.55-acre site at 5601 N. Hiatus Road. Sonny’s Enterprises, a manufacturer of car wash equipment, will occupy the entire space as its headquarters and distribution facility.
Cap rates could rise another 50 to 100 basis points. But according to one industry expert, the industrial sector should stay a favored asset class for experienced investors, despite rising capital costs.
Headline CPI increased 7.7 percent over the 12 months ending in October, the smallest year-over-year increase since January of this year. Pricing is recalibrating across most property types as the expectation gap between buyers and sellers widen and lending criteria have tightened.
Industrial real estate remains one of the darling sectors, though it is being tested by current economic conditions. Four industrial real estate professionals, including owners, investors and brokers, participated in a roundtable discussion, giving their perspectives on inflation and interest rates on the sector.
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