MIAMI—As occupancy rises on Miami industrial buildings, another space is reporting no vacancy. Prologis Beacon Lakes Business Park is now 100% occupied.

State Street Realty just brokered a lease for 41,704 square feet  at Building 6 and 41,307 square feet at Building 7 at the park to Professional Technology Repairs. With the 83,011 square feet of industrial space leased, the Airport West submarket buildings are fully occupied.

State Street executive vice president Ed Lyden and president George Pino represented the landlord, Prologis. Wes LaPradd of Beacon Commercial Realty represented the tenant.

“We have seen a robust interest in the Airport West/Doral submarket, which is a direct correlation to the positive attributes of the area and a healthy indication some industry sectors are rebounding,” says Lynden. “The increased demand for class A distribution space in the Miami Airport submarket has reduced supply to a point where the market is experiencing an uptick in lease rates specifically for industrial space under 30,000 square feet which has a vacancy rate of only 2.5%.”

Located at the Florida Turnpike and Northwest 25 Street, Prologis Beacon Lakes Business Park is a class A distribution warehouse park in the heart of the Airport West submarket. Prologis is the largest landlord of industrial warehouse space in the Airport West area.

According to Lyden, the industrial assets' prime location next to the Florida Turnpike, Dolphin Expressway, Miami International Airport, and Port of Miami, efficient building specifications were key factors in attracting the tenant. He also cited quality property management, top-class amenities and stable institutional ownership.

“The tenant had numerous options,” Lyndon says. “But as the industrial sector continues to strengthen in the Miami Airport West submarket, tenants will want to lease space from Landlords like Prologis that can provide tenants immediate growth flexibility for their business.”

Meanwhile, investor interest in South Florida industrial spaces is intensifying. The ink is drying on transactions larger and small. The two latest examples are a 271,000-square-foot warehouse sale in North Dade and a 41,000-square-foot industrial building in the Medley submarket.

“Strong fundamentals for Miami-Dade's industrial market are making it very desirable for both institutional investors and end users to invest, as these latest transactions indicate,” says JLL managing director Steve Medwin. “We expect investor appetite to remain strong for quality industrial assets in the region over the coming months.”