MIAMI—It’s a record—at least for the Miramar Park of Commerce. The park’s leasing team, with help from Jones Lang LaSalle (JLL), has driven up the occupancy rate to 98%. Since July, 80,000 of the 100,000 square feet of available office/flex product in the Park has been leased.
Currently there is only 125,000 square feet of second generation space available within the 5.2 million square in the Miramar Park of Commerce, which is the largest locally owned and managed business park in South Florida. Of that 125,000 square feet, 88,000 is warehouse space and 27,000 square feet is flex space.
According to Jonathan Kingsley, senior vice president at JLL, a spike in population growth, a positive economic outlook, an emphasis on global distribution by companies in South Florida and limited new development of class A flex properties are among the drivers contributing to an increase in demand for space. Miramar Park of Commerce is a prime example of that trend.
“There is great demand for quality flex space and the best in quality real estate is at the Miramar Park of Commerce,” says Kingsley. “There’s a reason the park is outperforming competitors and setting leasing records. It is clearly the premier business park in Broward County.”
In 2013, several existing park tenants expanded there. Spirit Airlines renewed a 56,194-square-foot lease for its headquarters and expanded by 14,625 square feet. Spirit originally moved to Miramar Park of Commerce from Detroit in 1999.
Beyond Spirit, United Aerospace, Jet Engine Solutions, Kaba Benzing, Jamaica Aerospace, International Aircraft Associates, and Sunshine Avionics are among the companies that have relocated to Miramar Park of Commerce. That makes the park an aviation hub that continues to grow. Most recently, Lufthansa Airlines, the largest airline in Europe, signed a lease for 9,000 square feet of flex space.
“The park’s proximity to regional and international airports and easy access to major roadways is an advantage to companies serving the aviation industry,” says Kingsley, who brokered the Lufthansa Airlines lease with Ryan Goggins from Sunbeam Properties and Sal Bonsignore of Colliers International South Florida. Leasing rates for the park’s flex space range from $11 to $13 per square foot, depending on the age and condition of the space and build out.
Several new tenants that relocated to the Miramar Park of Commerce in 2013 expanded at the same time. Proforce Equipment expanded from 6,000 square feet in Doral to 19,102 square feet and Southeast Frozen Foods moved its corporate office from Miami Gardens and expanded to 15,000 square feet of flex space.
“What a difference a year makes,” says Kingsley. “A year ago there was not the demand for flex space and rates were depressed. Based on the success we’ve experienced at the Miramar Park of Commerce, the tide has shifted, which is great news for the industry.”