Industrial sales and leasing deals bode well for Miami Lakes
Three big industrial sales in Miami Lakes bode well for the submarket’s future, but leasing activity is still down compared to two years ago, despite signs of an improved market.
Miami Lakes’ industrial leasing was 50,595 square feet in 2010, compared with 72,200 square feet in 2009 and 170,778 square feet in 2008. In comparison, the Hialeah submarket nearly doubled activity, year-over-year, to 233,237 square feet in 2010, and Airport West activity fell to 1.3 million square feet from 2.3 million square feet in 2009.
Despite its challenges, occupancy continues to be one of Miami Lakes’ strengths. Its industrial space was 93 percent occupied in 2010, down slightly from 96 percent in 2009 and 95 percent in 2010.
Stability is what draws a lot of investors to the submarket, said Rene Vivo of Vivo Real Estate Group.