Cross-border investment in US commercial real estate returned to pre-pandemic levels in 2021, according to new reports from the National Association of Realtors.
A strong recovery in 2021 in the US commercial real estate market overall attracted foreign investors who purchased an estimated $57.7 billion in U.S. commercial real estate in 2021, up 49% from 2020, according to NAR’s 2022 Commercial Real Estate International Business Trends Report. Some $52.6 billion in transactions took place in 2019.
In the large capital market where transactions are at least $2.5 million, Real Capital Analytics reported that cross-border capital flows rose 44% to $52.9 billion during the four quarters through 2021 Q3, accounting for 8% of total domestic and cross-border transactions of $638.2 billion.
Foreign institutional investors drove commercial real estate acquisitions in 2021, acquiring $37 billion or 70% of the total $52.9 billion in cross-border flows.
A Shift To Secondary Markets
Investors shifted their acquisitions toward secondary markets, with Seattle, Atlanta, and Dallas outranking Manhattan as the top destinations of foreign investors. Manhattan had been the #1 destination of foreign investors in 2020 and for most years prior.
The share of cross-border capital of the six major markets (New York, Chicago, Boston, Washington, D.C., Los Angeles, and San Francisco) decreased to 37%, from 45% in 2020. In 2019, the six major markets accounted for 50% of acquisitions. Nonmajor markets are attracting foreign investors given the migration in these areas and the relatively cheaper cost of acquiring real estate in these markets.
Canada was the major source of capital. It was also the #1 investor in 2020 and for most years. Other major investors were from Asia, namely Singapore and South Korea, which each invested $7 billion to $8 billion.
Cross-border flows from China totaled less than $1 billion, a decline from the level in 2018 when investments totaled $5.8 billion, after investments declined in the wake of the US-China trade war in 2018-2019 and COVID-related travel restrictions since 2020.
The industrial market accounted for the largest share of acquisitions ($18.1 billion), with the largest investments going to Chicago ($1.4 billion) and Dallas ($1.2 billion).
Surprisingly, with the office market suffering from its highest vacancy since the Great Recession, it drew the second largest share of foreign investor acquisitions, at $16 billion, or 30% of total acquisitions. Seattle accounted for the largest office investment ($2.2 billion). Foreign investors remain bullish on San Francisco, making the second largest investment ($2.2 billion).
Other markets where investors made over $1 billion were Boston ($1.6 billion) and the District of Columbia ($1.1 billion). In Manhattan, investors’ acquisitions for office properties totaled $805 million.
In the apartment market, the largest acquisitions were in Atlanta ($1.4 billion) and Phoenix ($916 million). In the retail market, the largest acquisitions were in San Jose ($142 million) and in Seattle ($128 million)
Small CRE Investments Double, Too
Meanwhile, in the “small” commercial real estate market where approximately 80,000 commercial members of the NAR mostly do business, the association estimates that foreign investor acquisitions of commercial real estate facilitated by NAR commercial members more than doubled in 2021, to $4.8 billion from $2.0 billion in 2020.
Foreign buyer transactions accounted for 3.1% of the estimated commercial transactions of $155.9 billion among NAR commercial members. In contrast to the ‘large’ real estate market, individual investors made up 97% of this market.
Source: GlobeSt.
Could Higher Gas Prices Have Ripple Effects For Retailers, E-Commerce Leasing In Industrial Market?
Retailers, third-party logistics firms and e-commerce groups alike are eating up the most big-box warehouse space in today’s red-hot market.
Retailers and wholesalers accounted for the most industrial deals at 200,000 square feet or larger last year, or 35.8% of all leasing activity, a considerable increase from 24.7% in 2020, according to CBRE Group Inc. E-commerce fell from the No. 1 spot in 2020 to third last year, accounting for 10.7% of all deals, while 3PLs grew from 25.8% to 32.2%, ranking No. 2 among large industrial leases in both 2020 and 2021.
Propelled by a surge in online ordering, and changes to consumer preferences in part because of the pandemic, retailers and 3PLs have ramped up their distribution networks considerably in recent years. That demand is expected to be sustained this year, and could become even more frenzied with the recent surge in gas prices.
The cost of regular gas has risen nationally 20.9% in the past month, from an about $3.50 a gallon to $4.32 on Tuesday, according to figures from Heathrow, Florida-based American Automobile Association Inc.
James Breeze, senior director and global head of industrial and logistics research at CBRE, said transportation accounts for at least 50% of a typical industrial occupier’s costs, even before the recent hike in inflation and oil prices. But, largely because of sanctions imposed on Russia from the war in Ukraine, oil prices have risen dramatically, although Brent crude futures — a key benchmark for oil prices — just began to decline. National gas prices were down 0.2% between Monday, March 14 and Tuesday, March 15, according to AAA.
Carolyn Salzer, senior research manager of industrial logistics at Cushman & Wakefield PLC said higher gas prices could have a ripple effect on the industrial market, depending on the user and their supply-chain model. Both Salzer and Breeze said real estate costs for warehouse users have typically been about 5% of a company’s costs but, more recently, that’s gotten closer to 10%, Salzer said.
Cushman & Wakefield is forecasting rent growth for warehouse and logistics space will rise by more than 15% in the next two years. Class A and new construction rents are anticipated to grow at an even higher rate. Those rental surges are creating a squeeze for some users, with tenants looking at lease terms sooner than what’s typical, or negotiating an early renewal or a smaller extension to resize a facility or consider real estate farther out, Salzer said.
But, Breeze said, for most industrial users today, higher rental rates generally aren’t causing companies to hit the brakes on expansion because they need the space to store inventory and lower transportation costs.
Salzer said she anticipates e-commerce users will occupy about the same share of the market it has since the pandemic, or 40%. That’s compared to 28.2% of all industrial absorption from 2016 through 2019, according to Cushman. Many retailers are opting to work with 3PLs to bolster their supply chains, which will continue to comprise demand in 2022 and beyond.
Source: SFBJ
Festival Flea Market Could Be Demolished. Here’s What Would Replace It
The owner of the Festival Flea Market in Pompano Beach wants to demolish the building and sell the property to an industrial developer.
The city’s Development Review Committee on March 16 will consider land use amendment and rezoning applications for the 23.8-acre site at 2900 W. Sample Road. It’s owned by Festival Real Estate LLC, an affiliate of North Miami-based IMC Equity Group, but the application says it’s under contract to Atlanta-based industrial giant IDI Logistics.
The property currently has a 382,000-square-foot commercial flea market, which was built in 1986 and is used by multiple small vendors. It’s near a Florida’s Turnpike exit. The flea market would be replaced with about 773,000 square feet of industrial space. The developer has yet to submit a detailed site plan.
IMC Equity Group acquired the property for $56 million in 2018 and initially spoke about revitalizing the flea market. In November 2021, it sold a parking lot south of the flea market to an industrial developer after it was approved for warehouses.
Source: SFBJ
Labor Shortages, Land Availability Will Pressure Industrial In 2022
Labor scarcity will be among the major headwinds driving industrial commercial real estate decisions in 2022 as record shortages challenge distribution channels and unemployment hits a near-historic low.
And while so far, the industrial sector has managed to post record growth, the labor shortages span “nearly all demographic groups and affect the entire American economy,” and continuing lows will slow the rate of economic growth and slow manufacturing output, Colliers predicts.
In addition, scarce land availability will continue to impact the sector. Prologis reports that construction starts have risen to an all time high of 120 million square feet in the sector, but the firm notes that new supply is mainly concentrated in low-barrier secondary and tertiary markets and the outlying submarkets of inland markets.
While a record level of new supply is expected by the end of 2022—including massive build-to-suit projects for e-commerce suppliers and big-box chains—land near big population centers is increasingly scarce.
Colliers also notes that facilities in excess of 2 million square feet are increasingly popular in dense markets as retailers attempt to establish footholds closer to consumers and shorten delivery times. The firm is tracking 12 such big-box multi-story industrial mega centers currently under construction, and notes that a vast majority are for Amazon.
Source: GlobeSt.
Will Rising Interest Rates Also Propel Upward Movement In Commercial Real Estate Cap Rates?
Interest-rate hikes from the Federal Reserve are expected this year.
One key question still being debated by the commercial real estate industry: What do rising interest rates mean for capitalization rates?
One of the most commonly used valuation measures in commercial real estate, cap rates are determined by dividing a property’s net operating income by its current market value. Cap rates are often used to compare the rates of return on commercial properties, and also give insight into how much risk a property may carry.
Since the pandemic, cap-rate compression has been observed, especially, in white-hot sectors like industrial and multifamily. There’s not a one-to-one correlation between cap rates and interest rates, although economists say the expected hikes coming this year could have some influence on where cap rates go in 2022.
Brian Bailey, commercial real estate subject-matter expert at the Federal Reserve Bank of Atlanta, said in a discussion this week hosted by commercial real estate software company Altus Group Ltd. that a rise in cap rates is prompted by many variables. But the prospect of rising interest rates does create risk for higher cap rates.
Bryan Doyle, managing director of capital markets at CBRE Group Inc., said during the Altus Group panel that the amount of capital waiting on the sidelines to be deployed into real estate should help keep cap rates stabilized, if not further compressing.
In fact, in a five-quarter period ending in the third quarter of 2021, long-term interest rates rose by more than 70 basis points while cap rates for industrial and multifamily compressed by 50 and 75 basis points, respectively, in the same period, CBRE said in a December report. Investors will have to consider whether an increase in cap rates will be offset by higher rents that’ll produce higher net operating-income growth, CBRE noted.
The office sector may be one to watch because of the significant, pandemic-induced changes it’s likely to see, Tim Savage, clinical assistant professor at New York University’s Schack Institute of Real Estate, said at the Altus Group discussion.
Mark Zandi, chief economist at Moody’s Analytics, in a recent talk hosted by the Counselors of Real Estate also cited the changing nature of the office market, adding remote work has been a game changer during the pandemic. That’s going to change the dynamics of the office market, including how those assets are priced.
Source: SFBJ
Foreign Investors Rush Back To US Markets
Cross-border investment in US commercial real estate returned to pre-pandemic levels in 2021, according to new reports from the National Association of Realtors.
A strong recovery in 2021 in the US commercial real estate market overall attracted foreign investors who purchased an estimated $57.7 billion in U.S. commercial real estate in 2021, up 49% from 2020, according to NAR’s 2022 Commercial Real Estate International Business Trends Report. Some $52.6 billion in transactions took place in 2019.
In the large capital market where transactions are at least $2.5 million, Real Capital Analytics reported that cross-border capital flows rose 44% to $52.9 billion during the four quarters through 2021 Q3, accounting for 8% of total domestic and cross-border transactions of $638.2 billion.
Foreign institutional investors drove commercial real estate acquisitions in 2021, acquiring $37 billion or 70% of the total $52.9 billion in cross-border flows.
A Shift To Secondary Markets
Investors shifted their acquisitions toward secondary markets, with Seattle, Atlanta, and Dallas outranking Manhattan as the top destinations of foreign investors. Manhattan had been the #1 destination of foreign investors in 2020 and for most years prior.
The share of cross-border capital of the six major markets (New York, Chicago, Boston, Washington, D.C., Los Angeles, and San Francisco) decreased to 37%, from 45% in 2020. In 2019, the six major markets accounted for 50% of acquisitions. Nonmajor markets are attracting foreign investors given the migration in these areas and the relatively cheaper cost of acquiring real estate in these markets.
Canada was the major source of capital. It was also the #1 investor in 2020 and for most years. Other major investors were from Asia, namely Singapore and South Korea, which each invested $7 billion to $8 billion.
Cross-border flows from China totaled less than $1 billion, a decline from the level in 2018 when investments totaled $5.8 billion, after investments declined in the wake of the US-China trade war in 2018-2019 and COVID-related travel restrictions since 2020.
The industrial market accounted for the largest share of acquisitions ($18.1 billion), with the largest investments going to Chicago ($1.4 billion) and Dallas ($1.2 billion).
Surprisingly, with the office market suffering from its highest vacancy since the Great Recession, it drew the second largest share of foreign investor acquisitions, at $16 billion, or 30% of total acquisitions. Seattle accounted for the largest office investment ($2.2 billion). Foreign investors remain bullish on San Francisco, making the second largest investment ($2.2 billion).
Other markets where investors made over $1 billion were Boston ($1.6 billion) and the District of Columbia ($1.1 billion). In Manhattan, investors’ acquisitions for office properties totaled $805 million.
In the apartment market, the largest acquisitions were in Atlanta ($1.4 billion) and Phoenix ($916 million). In the retail market, the largest acquisitions were in San Jose ($142 million) and in Seattle ($128 million)
Small CRE Investments Double, Too
Meanwhile, in the “small” commercial real estate market where approximately 80,000 commercial members of the NAR mostly do business, the association estimates that foreign investor acquisitions of commercial real estate facilitated by NAR commercial members more than doubled in 2021, to $4.8 billion from $2.0 billion in 2020.
Foreign buyer transactions accounted for 3.1% of the estimated commercial transactions of $155.9 billion among NAR commercial members. In contrast to the ‘large’ real estate market, individual investors made up 97% of this market.
Source: GlobeSt.
Florida’s Ports Could Strengthen The Nation’s Supply Chain
Anyone who has been shopping recently has noticed it — long expanses of empty shelves, websites with merchandise marked “out of stock.”
Sometimes it’s canned goods in short supply, sometimes paper plates. Earlier this year, popular brands of baby formula became hard to find, sending parents to Facebook groups to chase down supplies. Meanwhile, the price of new and used cars continues to climb, due to shortages of critical parts and computer chips — while builders complain that they can’t get the drywall and hardware they need to finish projects.
Americans have been accustomed to goods that magically appeared whenever they were required. With a pandemic hitting hard at manufacturing facilities and shipping lines, consumers are learning hard lessons about the details — and vulnerabilities — of the nation’s supply chain. But key Florida leaders also see opportunities to take this short-term crisis and translate it into long-term gain for the Sunshine State. If Florida does this right, the benefits could outlive COVID-based kinks in the flow of merchandise, providing a permanent boost in the quest to diversify the state’s economy.
Some of the measures will take time and lots of money — but talk is free, and we give Gov. Ron DeSantis and other state leaders credit for their aggressive promotion of Florida’s alternatives to the congestion at West Coast mega-ports. DeSantis, in particular, has been beating the drum for months, and it’s the right time to make the pitch. This week, shipping analysts celebrated the fact that only 76 ships were waiting at the massive Los Angeles/Long Beach ports, a three-month low — but transit times from the time container ships leave Asia to the point where the cargo is unloaded onto U.S. soil have more than doubled since the pre-COVID era, reports American Shipper magazine. Northern ports, including New York, are also reporting delays.
Some of that traffic is already diverting to Florida, with shippers calculating that the two-week detour from the west coast, through the Panama Canal and into one of Florida’s 15 deepwater ports makes more sense than lingering at sea for an extra month or two. Not all of Florida’s ports can handle the biggest container ships, but Port Tampa Bay, Port Everglades, Port Miami, Port Manatee and North Florida’s JAXPORT are already seeing increases in various types of cargo including bulk materials, automobiles along with the standard 20-foot containers used to bring consumer products from manufacturers in China, India and other foreign manufacturers. That’s a welcome change from 2020 when port activity dropped by a significant 16 percent, the Florida News Service reported.
That traffic augments Florida’s long-held position as cruise capital of the world. The cruise industry is still in recovery mode, but once the pandemic threat fades it should send traffic at the state’s ports (particularly Port Miami, Port Everglades and Port Canaveral, the world’s three busiest cruise ports) surging once again.
There are reasons Florida ports haven’t been as attractive to importers. Along with the obvious geographical challenges, there’s a lack of infrastructure needed to support a more robust flow of cargo. And Florida leaders must recognize that ports are only one part of the picture. The state’s ground transportation network must be robust enough to handle the flow of inbound cargo — and while lawmakers don’t need to revive an ill-conceived and costly scheme to construct “roads to nowhere” that cut across largely vacant land, they should plan on improving the state’s most important arteries for truck traffic, along with augmenting the rail system to move cargo, vehicles and materials quickly and cleanly.
There’s one more clear priority: As Florida pushes to expand its ports, it must set the national standard for environmental stewardship. While shipping and distribution support an estimated 900,000 jobs in the state, that number is dwarfed by the 1.7 million jobs generated by Florida’s tourism and hospitality industry. Florida already has a lot of damage to repair, particularly in the sensitive Indian River Lagoon. The state shouldn’t risk more degradation when it could instead lead the way in responsible port expansion.
Still, Florida leaders are right to see the snarled shipping situation in the nation’s biggest ports as a golden opportunity. Lawmakers are ready to invest in port infrastructure, adding to hundreds of millions in federal funding Florida ports have already received. In his budget outline, DeSantis requested $117 million for port improvements, and the House and Senate appear ready to top that – their preliminary plans include nearly $136 million for ports. In a year where Florida has plenty of money to spend — including the one-time deluge of cash from Washington — these investments in the state’s economic future make sense.
Source: Orlando SunSentinel
In Record South Florida Deal, Equus Pays $240M For Industrial Complexes
Equus Capital Partners dropped $239.2 million for warehouse complexes across Broward County, surpassing 2021’s largest industrial deal in South Florida.
The properties include 16 warehouses, spanning 23 acres in total. The majority of the warehouses are located in Pompano Beach along SW 5th and 6th Court as well as five miles away along NW 30th Place. Only three are in Fort Lauderdale.
Equus’ purchase approximates to $240 a square foot, according to property records.
The deal appears to be tied to Equus’ $900 million purchase of a 5.4 million-square-foot industrial portfolio across the Sun Belt and East Coast from warehouse giant Prologis earlier this week.
Equus nabbed a combined $483 million in financing from Morgan Stanley, according to property records. But it’s unclear whether the loans are tied to the Broward County purchase only or the portfolio acquisition since the actual mortgage documents are not publicly available.
Representatives for Prologis and Equus did not immediately respond to a request for comment.
The sale is yet another sign of South Florida’s sizzling industrial market thanks to strong leasing demand. Net absorption rose to 10.3 million square feet in 2021, more than doubling the square feet absorbed the year prior, according to data compiled by Newmark. In the last quarter, the vacancy rate dropped by 0.4 percentage points to 3.4 percent, while asking rents grew by $0.39 to $10.14 a foot.
The complex ended up in Prologis’ hands also through a portfolio deal. In 2020, the San Francisco-based company paid $13 billion for Liberty Property Trust, the previous owner of the properties, which were completed in 1991.
The Broward County sale is not only the biggest South Florida industrial sale of 2022 so far in gross terms, but also tops 2021’s highest sale by $56 million, according to The Real Deal’s tally. In last year’s top industrial deal, CenterPoint bought a Hialeah park for $184 million.
Source: Commercial Observer
West Delray Beach Agricultural Land Could Be Rezoned As Industrial
An agricultural site in the fast-growing residential area west of Delray Beach could be rezoned for industrial development.
The West Atlantic Industrial project would be within the Agricultural Reserve, a swath of farmland in southwest Palm Beach County that has been a hotbed of single-family home development over the past few decades. County rules require developers to preserve a certain amount of green space for every acre they develop.
This application would address the lack of industrial development in the largely residential area. It comes at a time when industrial vacancy rates in Palm Beach County are near record lows and rents are on the rise.
Roger and Karen Fina filed a land use application for the 10.1-acre site at 10321 W. Atlantic Ave., which is at the very end of Atlantic Avenue on the edge of the wetlands. It currently has agricultural uses and a single-family home the Finas have lived in for nearly 30 years. By rezoning it to “light industrial,” that would permit up to 198,137 square feet of industrial space.
Lauren McClellan of Palm Beach Gardens-based JMortan Planning & Landscape Architecture, which represents the applicant, said the site is not under contract to a developer but the Finas are looking to possibly develop it with office/warehouse or landscaping services. No site plan has been submitted.
The applicant’s traffic study said the development would result in 885 daily vehicle trips.
This application will require County Commission approval. An initial vote could take place in early May.
Source: SFBJ
Higher Inflation Means More Competition For CRE Assets
Supply chain problems, labor shortages, and the housing shortage are all fueling inflation to eye-popping levels – and for CRE investors, that will mean greater competition for assets.
Headline inflation is up 7.1% from last year, the biggest uptick since 1982. And that rising inflationary pressure is forcing the Fed to switch gears and tighten policy.
Supply chain is the first contributing factor to inflationary pressures.
He points to shortages in raw materials, limitations on foreign port capacity, shipping container shortages, backlogs at domestic ports like those in Los Angeles and Long Beach, and a shortage of trucks.
Retail sales are up 16% over 2019 numbers, while the amount of product moved by trucks in the US is down 5.1% over the same period.
The second issue? Labor shortages, which continue to stoke inflation.
Average hourly earnings are up 5% over last year, and sectors like accommodations and food services have seen labor cost increases of more than 15%.
The third challenge is the housing shortage: there are not enough houses to buy or apartments to rent right now, and the problem will likely continue at least in the near term. There are currently about 1 million houses for sale in the US right now, about two months’ worth of supply; typically, four to six months’ worth of supply is required to maintain stability in the market. Housing prices shot up 14.9% last year in response to the shortage.
In addition, there are only about 480,000 apartments available for rent, a vacancy rate of 2.6%, the lowest on record. Rents rose 15.5% last year.
He notes that Fed Chairman Jerome Powell has already announced plans to accelerate the end of quantitative easing that was put in place during the pandemic, and says this will likely put upward pressure on long-term interest rates. The overnight rate is also on track to increase three times or more this year, which will put upward pressure on short term interest rates.
The ten-year Treasury rate is already up about 30 basis points from the beginning of December to a little over 1.7%. For investors, this will equate to more competition.
Source: GlobeSt
South Florida’s Industrial Squeeze Has Brokers Sounding Alarms
After receiving unsolicited offers to buy its 8.6-acre industrial site in Medley last year, KDD Properties decided to list it and see how many institutional investors would line up with competitive bids.
Prologis, the behemoth industrial developer that dropped $43 million to acquire 29 acres of industrial properties in areas close to Miami International Airport last year, placed the winning bid. In December, the firm closed on the Medley property, which consists of a fully leased, 43,700-square-foot building and 5.5 acres of trailer truck parking.
With a limited number of big industrial properties for sale across South Florida, even major players are turning to smaller buildings on large parcels. There’s a rush to wheel and deal for any existing warehouse properties as the sector continues to outperform all others, commercial real estate experts say.
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Middle Market CRE Investment Is Ripe With Opportunity
There is no shortage of capital searching for opportunities in commercial real estate.
In most cases, this has generated high competition, compressed cap rate and pushed asset pricing.
The middle market sector—defined as deals valued at $20 million to $50 million—is a rare sweet spot for CRE investment. Too small for big institutions and too large for many high-net worth individuals, the market segment offers plenty of opportunity.
The middle market is also the playground for Walker & Dunlop Investment Partners, who is finding a lot of success in the sector.
Equity capital is also not interested in middle market investments. These players have too much capital to deploy to consider a middle market deal.
As a result, family offices and other mid-tier private investors end up transacting in the middle market space.
While the price tag is a primary marker of a middle market asset, quality of tenancy and asset functionality are also characteristics to look for in a middle market asset.
Source: GlobeSt
Bridge Acquires Pompano Industrial Campus For $46.25M, Launches National Value-Add Strategy
Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, has acquired Pompano Beach Commerce Park — a three-building, 336,852-square-foot industrial campus in Pompano Beach.
Following the acquisition, Bridge plans to launch a comprehensive capital improvements program at the property, inclusive of landscaping, parking lot upgrades, monument signage, and roof replacements. The acquisition will mark Bridge’s first property closing as part of a new value-add strategy.
Jose Lobon of CBRE National Partners represented the Seller in the transaction.
Located on Powerline Road in the Pompano Beach submarket of Broward County, Pompano Beach Commerce Park is made up of three industrial buildings — spanning 140,094 square feet, 124,894 square feet and 71,864 square feet, respectively. The facilities possess several attractive characteristics including 24-clear heights and multiple points of ingress and egress along its 800 feet of linear frontage along Powerline Road. Bridge has had previous development success in Pompano Beach, with its Bridge Point Powerline Road project spanning over 450,000 square feet less than one mile from its newest acquisition.
The campus is located less than two miles from I-95 and just 1.4 miles from the Florida Turnpike, allowing users to reach nearly all of Florida’s population of 6.2 million within just a 60-minute drive. The property also sits just 15 miles from Port Everglades and the Fort Lauderdale-Hollywood International Airport, and roughly 40 miles from the Port of Miami and Miami International Airport. The central location of the site allows its tenants to service 92% of South Florida’s 6.2 million population within a 60-minute drive time.
Bridge is one of South Florida’s most active industrial real estate developers. The company has acquired approximately 700 acres in 17 separate transactions throughout Miami Dade and Broward Counties and delivered approximately 7 million square feet of Class-A industrial space across the region since entering the market in 2012. The company’s current South Florida portfolio spans more than 5 million square feet of company-owned and third-party managed properties with an additional 2.5 million square feet under construction.
Source: CRE-sources