The Airport West submarket alone accounted for 1.98 million sf of Miami-Dade's total 5.1 million-sf first-half absorption. Yet it still ended the six-month period with the highest vacancy rate (8.9%) of any submarket.
Responding to solid user demand, developers had 4.3 million sf of new industrial product under construction in the county at mid-year, with 855,888 sf more in some stage of planning. That level of new building may have been a factor in holding Miami-Dade's average gross psf rental rate of $5.92 below the regional average of $6.25.
Broward's industrial space absorption during the first six months of 2000 was slightly above the two million-sf mark and trimmed the county's vacancy rate to 6.6% from 7.1% at year-end 1999. A little over two million sf of new construction was already in the ground at mid-year and another 2.22 million sf of projects is on the drawing board.
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