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MIAMI-The overall vacancy rate in Miami-Dade County’s industrial market was the same at the end of the third quarter–9.3%–as that time last year, according to Cushman & Wakefield’s third-quarter industrial overview for the county. But the report states the market is beginning to stabilize. Absorption in the third quarter was a 1.2 million sf, making the year-to-date positive absorption of 301,368 sf.

The county’s biggest submarket, Airport West, had a 0.8 percentage point decrease in its vacancy rate, which went from 13.5% second quarter to 12.7% third quarter. That is stable, compared with the 12.6% recorded in third quarter 2002, the report states.

Overall, trade sector indicators, including Miami International Airport’s freight activity, indicate economic conditions are getting better in Latin America, which means a growing demand for warehouse space locally, it adds. This is consistent with brokers and owners’ reports that tenant activity is the strongest it’s been in a year.

The report also states the city is a preferred site for institutional investors wanting to buy industrial properties, and four major properties are expected to change hands shortly.

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