Sperry Van Ness International Corporation’s (SVNIC) 2014 Top Markets to Watch Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2014. Today we are delving into the 2014 Top Industrial Markets to Watch. Not the largest, or the most actively contested markets, the 2014 Industrial Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.
TOP INDUSTRIAL MARKET TO WATCH : Miami, Florida
As a gateway to Latin America and the Caribbean, Miami’s port and intermodal hub is a center of growing demand for modern industrial space. Miami’s overall vacancy rate of 6 percent is down almost 100 basis points from a year ago, but with 1.5 million square feet added to the market in 2013 and a similar amount under construction, monthly rents have been flat at around 70 cents per square foot. The Port of Miami is investing $2 billion to service the largest container ships that will pass through the expanded Panama Canal when it reopens in late 2015. Improvements include dredging channels to a depth of 52 feet, installing massive dock cranes, and building a tunnel under Biscayne Bay to connect the port with nearby highways. Heated transaction volume has compressed cap rates on assets around the port to near 6 percent. Port Everglades, on the other hand, may present interesting opportunities for acquisition or development. Located 23 miles from Miami in Fort Lauderdale, Port Everglades handled approximately 1 million ten-foot equivalent units (TEUs) of containerized goods in 2013, trumping the Port of Miami’s volume by 50,000 and making Everglades the state’s busiest cargo port. The port is dredging its channels to a depth of 50 feet to handle larger ships, and an intermodal container transfer facility under construction will soon enable ships to unload cargo directly onto railcars.
To read more on Miami, and other top industrial markets, download the full version of the Top Industrial Markets to Watch report below.
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