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According to CommercialEdge’s February Industrial Report, national long-term, rent growth should remain solid even amid headwinds faced by the sector. The report stated that Miami experienced the third-highest rent growth in the country, reaching 11.4% as of January.
Now dubbed the Pompano Beach Sorting and Delivery Center, the Rock Lake Business Center consisting of two buildings totaling 250,000 square feet of industrial space will consolidate letter carrier operations for five post offices in Broward County.
The City Commission will consider a new site plan with a distribution center for the 30.7-acre property at 3800 S. Congress Ave. on Feb. 6. The property would be redeveloped with two warehouses for a combined 457,026 square feet.
The 14 small-bay warehouses in Powerline Business Park last traded for $62.25 million in 2019. This solid gain in property value reflects the growth of industrial rents in Broward County.
The tri-county region experienced a slight uptick in empty warehouse spaces in the fourth quarter, even though tenant demand remains high — except in Broward. Still, industrial landlords kept increasing asking rents.
CBRE was hired as the exclusive agent for the redevelopment of three sites totaling approximately 80 acres across Riviera Beach. The City intends to optimize existing City owned parcels and replace aging structures by developing a mix of residential, commercial, and retail space.
A burst of year-end industrial sector transactions signal that investors continue to see opportunities in South Florida. The market is returning to a pre-pandemic pace of activity, brokers say, but tight supply dynamics still favor landlords as migration trends continue to boost demand.
Deal volume through November puts the industrial sector behind apartments as the second most traded sector for the year. However, the volume still fell in November even with positive elements supporting the sector. Macro forces made it difficult for investors to underwrite investments.
Miami was far from immune to a rate-driven slowdown. But even as volume plummeted, the sales that closed signaled confidence in the market, with the price per SF dipping only slightly from 2022 and outperforming 2019, before the pandemic helped boost the city’s profile. Investors and brokers are expecting deal volumes across all asset types to be poised to rise again next year.
After Federal Reserve Chairman Jerome Powell announced that the Fed was keeping interest rates unchanged, and signaled it would make three 0.25 percentage point rate cuts next year, brokers are now giddy and ready to rock and roll although some caution fundamental challenges remain.
Mutual of America’s plan for a large, new building in the Park at Broken Sound is symbolizing Boca Raton’s attempt to attract more corporate tenants, The New York-based life insurance company wants to tear down its existing office, nearly triple the size of its space and bring another 200 employees from Manhattan.
With the goal of building up a transit-oriented destination that will offer more new housing, stores and plenty more, downtown Boca Raton’s new Brightline station is being positioned as catalyst for growth. Every city that has a Brightline station either today, or ultimately a commuter rail station in the future, is going to see tremendous mixed-use development because it is truly a driver for investment.
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