Despite the many challenges facing the commercial real estate market over the past 6 months, the Colliers International Florida leasing advisory team’s Jonathan Kingsley and Ryan Goggins closed on nearly a dozen industrial lease transactions totaling 408,055 square feet valued at close to $28 million in the first half of 2020.
The largest leases include representing ECU Worldwide in a 164,432 sq. ft lease at 2401 NW 69th Street in Miami and representing a healthcare tenant in an 80,373 sq. ft lease with Bridge Development Partners at Bridge Point Commerce Center in Miami Gardens.
The team’s other notable representations in the first half of 2020 include closing five leases at Westpoint Industrial Centre in Tamarac on behalf of Nuveen, totaling more than 115,000 square feet for a value of over $7 million, including the 41,520 square foot expansion of Sonny’s The Carwash Factory.
“The Colliers International platform, combined with our creativity and depth of experience, allows us to continually provide our clients with outstanding service,” said Kingsley. “Despite the challenges presented in the first half of the year, our team closed on over 50,000 square feet more than this time last year. We have seen the pandemic continue to increase the demand for cold storage and e-commerce tenant occupied buildings, a signal of the strength of the South Florida industrial market.”
Although all commercial real estate markets have been impacted by COVID-19, the Industrial market has proven to be the most resilient. According to Colliers International’s Second Quarter Industrial Market Report, more than 1.5 million square feet of new industrial product delivered in the second quarter, causing vacancy rates to increase slightly (+0.6% from Q1 2020) to 5.3 percent, up 1.3 percent from this time last year. However, demand remains strong and asking rents increased slightly to an average of $9.77 per square foot within Miami-Dade County, up from $9.47 per square foot in Q1 of 2019.
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