Logistics Companies Ramp Up Leasing Activity in Submarkets Near MIA
April 22, 2019
Miami – Transwestern Commercial Services (TCS) today announces it negotiated 104,055 square feet of industrial lease transactions in Miami. TCS South Florida industrial team Executive Managing Directors Walter Byrd and Ben Eisenberg, Managing Director Thomas Kresse, and Vice President Carlos Gaviria facilitated the following transactions.
- GEODIS Logistics signed a new 65,130-square-foot, long-term lease at South Florida Logistics Center at 3200 N.W. 67th Ave., Building 7, in Miami’s Airport submarket. The space will be used by GEODIS to fulfill the logistics needs of a client distributing goods throughout South Florida. TCS, in partnership with Pro Venture, Geodis’ exclusive national broker, represented the tenant. The landlord, Flagler Global Logistics, was represented in-house by Chris Sutton and Andrew Lehrer.
- Crowley Logistics signed a 38,925-square-foot, long-term lease renewal at Flagler Station at 11401 N.W. 100th Road in Miami’s Medley submarket. TCS represented the tenant. Cushman & Wakefield’s Stuart Gordon represented the landlord.
“We continue to see strong demand in Miami-Dade’s industrial market, especially in areas near Miami International Airport,” said Byrd. “We anticipate further tightening of the market as competition among industrial users, and particularly logistics companies, remains strong for locations that will position their business operations near or with superior connectivity to the airport, seaport, and major roadways.”
The industrial lease transactions come on the heels of the TCS South Florida industrial team securing a 364,608-square-foot, full-building lease renewal with CEVA Logistics at 5601 N.W. 72nd Ave. in Miami’s Airport submarket on behalf of the landlord, Clarion Partners.
According to market research by TCS, Miami is one of the nation’s most sought-after industrial markets with low single-digit vacancy and demand concentrated in the Medley, Hialeah, and Miami Airport submarkets. As of year-end 2018, Miami-Dade industrial real estate saw net absorption of 1.3 million square feet and a 4.5 percent overall vacancy rate.
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Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.