Sime

In 2003, the concerns about the U.S. economy, the war in Iraq and the struggling Latin American economy produced negligible industrial development in Miami-Dade County, according to Scott Sime, managing director of CB Richard Ellis. “We are just now beginning to see a turnaround in the industrial market,” he adds.

The Medley market recently benefited from the completion of the 500,000-square-foot Sysco Foods building. This development stimulated several other smaller developments in the surrounding area.

In the West Dade industrial market, Doral Commerce Center has several large tracts of land under contract to sell to potential users and the Beacon Lakes project is coming out of the ground with a speculative industrial lease product of approximately 200,000 square feet.

“We are currently undergoing a dynamic change in ownership of industrial business parks in the West-Dade County/Doral area,” says Sime. “Miami International Commerce Park, Doral Commerce Park and International Corporate Park, which total more than 6 million square feet of space, will have new owners this year. These business parks are selling at record prices and reflect strong buyer rent growth expectations.”

Sime continues, “Limited available industrial land in West Dade and Medley however, has caused many developers to evaluate projects in the South Dade and Homestead markets. The increase in housing in the Homestead market will be followed by industrial and commercial development.”

Sime says the inner city, near the Port of Miami, is an area to keep an eye on. “There will be an infill movement as we run out of land out west,” he explains.

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