Will Miami's Industrial Boom Spill Over?

MIAMI—While there will be little industrial spillover from the port into Broward and Palm Beach counties, these South Florida counties are also experiencing a resurgence. Steve McCraney, CEO of McCraney Property, tells GlobeSt.com unemployment rates are way off their recession highs, home prices are rising in the face of continued foreclosures, and corporate bankruptcies are becoming rarer.

“Total vacancy rates in Broward and Palm Beach counties were a full percentage point below the state average at the end of 2013, according to CBRE,” McCraney says. “Builders in Broward delivered 473,789 square feet and have 586,516 feet under construction. Palm Beach contractors added space, too, led by the 650,000-square-foot Aldi Foods distribution center in Royal Palm Beach. This year, my company plans to develop two class A dock-high warehouse-distribution buildings totaling 100,000 square feet in Vista Business Park in the West Palm Beach submarket.”