Mark Behling
MIAMI—The Greater Miami industrial market is thriving withexceptional fundamentals and robust pricing metrics that continueto surpass record highs for best-in-class product. Vacancy ratesare at 4% and last quarter we absorbed more than 500,000 squarefeet. Average asking monthly net rental rates are well above $0.70per square foot, and rent growth remains steady with 3.1%year-over-year gains.
The three major factors influencing the market are availabilityof capital, e-commercial online sales and a perceived risinginterest rate environment. On a national level, there is $250billion of capital in the closed-end institutional funds, which isactively looking to deploy. Industrial real estate is a hot ticket,offering stable returns and growth to both foreign and domesticinvestors.
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