MIAMI—DCT Industrial Trust just broke ground on the first of two industrial buildings in the DCT Commerce Center at Pan American West Industrial Park. The groundbreaking comes as the next wave of industrial development gets underway to meet the rising demand in Miami.
The site is pad-ready and the slab will be poured in the coming days. The project delivery date is set for fourth quarter 2012, but it won’t be DCT’s last. At the groundbreaking, the firm announced plans to expand its industrial portfolio on the burgeoning Miami market.
“There are a number of industrial projects being developed in Miami,” Christian Lee, vice chairman at CBRE’s Capital Markets Institutional Group, tells GlobeSt.com. “It’s very reasonable to expect to see a very steady flow of industrial deliveries over the next three to five years. It will stop, though, at some point because we will run out of land. We are very close to that now.”
CBRE is the exclusive leasing advisor for the development located in Miami’s Airport/Doral submarket. Phase I of the development is a 167,000-square-foot, class A rear-load distribution building. Phase II is for an equal sized building parallel to the first.
DCT Commerce Center at Pan American West is positioned along NW 17th Street in Miami between NW 135th Avenue and NW 133rd Avenue. The Airport/Doral submarket accounted for more than 45% of the total 1.3 million square feet of absorption in first quarter 2012, as reported by CBRE’s MarketView report.
“When we run out of land, vacancies go down and rental rates go up,” Lee says. “This is why everybody is so hot to trot on Miami industrial. We are really almost out of land. People don’t want to believe it but there are very few remaining developable sites in Miami—that’s including north.”
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