MIAMI—With vacancy rates in Miami industrial declining, developers are rushing to deliver the next generation of space. Turnpike Park will be among the next wave of industrial developments to hit the market.

A joint venture between Lincoln Property Company and a real estate fund advised by Crow Holdings Capital Partners just broke ground on the class A industrial development. The 136,500 building is rising from dirt in Miami's Medley submarket.

“With today's tenants seeking warehouse space that will allow them to operate more efficiently, we are extremely confident in the future of Turnpike Park,” says Roy Paskow, senior vice president of Lincoln who oversees the firm's Miami office. “With its many features that will promote efficiency for its tenants, and its prime location with over 350 feet of frontage along the Florida Turnpike, this is a development that is poised to lease quickly.”

Paskow is certainly confident and has reason to be given the delivery timing. Turnpike Park is set to hit the market in the second quarter of 2015. According to Marcus & Millichap, industrial space demand has pushed vacancy down nearly 500 basis points since the most recent peak in 2010, and small businesses are absorbing much of the outdated space vacated by growing distribution and warehousing firms.

Turnpike Park will feature a 32-foot clear ceiling height, 120-feet, all-concrete truck courts, and 52-foot by 45-foot column spacing with a 50-foot staging area. The facility, which is targeting warehousing, distribution or light manufacturing users, will also include heavy three-phase electrical power, T5 energy-efficient lighting, an ESFR fire sprinkler system, drive-in ramps and four dock doors per bay.

Turnpike Park is located within the Pan American North Business Park in Medley. That's close to all major roadways, including the Florida Turnpike, Palmetto Expressway, Okeechobee Road (US 27), Interstate 75, and the Dolphin Expressway. The industrial building will also offer quick access to MIA Cargo, Miami International Airport, Port Miami, and the entire Tri-County area. Americas Industrial Realty Corp. will lease the building, which is located along the Florida Turnpike, just south of the Okeechobee Road exit.

“Rent increases have got to appear in the next 12 to 18 months,” Geoffrey Kasselman, executive managing director at Newmark Grubb Knight and Frank, told us at RealShare Industrial South Florida. “There are two many contributing factors, between rising transportation costs and truck driver shortage and a desire to save costs, especiallly labor costs.” You can see more post-even coverage here.