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Miami-Dade County’s leased space was on par with that of the second quarter, but compared to the same period last year, 1 million square feet less space was leased. Broward County saw record high asking rents in manufacturing and flex space. Palm Beach County saw record highs in flex space and warehouse asking rents.
Miami-Dade’s vacancy rate was 6 percent . For the warehouses the average asking rent dropped to $9.70 per square foot in the third quarter. For manufacturing space, the asking rent fell to $8.25 per square foot. The county had the highest asking rates in the region for flex space, at $19.10 per square foot. The largest manufacturing average asking rate in the county was in South Dade at $12.84 a square foot. The lowest was in the Miami Lakes area, at $7.65 a square foot.Miami-Dade and Broward’s largest industrial deal was the $94 million Elion Partners sale to Blackstone for properties in both counties.
Broward saw the highest overall industrial vacancy rate among the three counties at 7.4 percent . The largest vacancy rate in the county was for Northwest Broward warehousing at 13.4 percent. Southwest Broward saw no vacancy among its 13 manufacturing facilities.
The lowest warehouse and flex space rents in the region were in Broward, at $9.21 per square foot and $13.62 per square foot, respectively. The highest warehouse rent in the county was $11.48 per square foot in central Broward. The lowest was $7.87 per square foot in nortwest Broward.Broward’s flex rent reached a record high since at least the second quarter of 2016. Rent in the second quarter was $13.42 per square foot, and $13.04 per square foot in the third quarter of 2019. The highest average flex asking rent was in southwest Broward, at $14.47 a square foot. The lowest was in northwest Broward, at $12 per square foot.
Palm Beach County saw the smallest overall vacancy rate among the three counties, at 3.9 percent.
The highest warehouse vacancy rate was 4.9 percent in south Palm Beach County. The lowest warehouse vacancy rate was 3.3 percent in outlying Palm Beach County.
The largest manufacturing vacancy rate was 4 percent in outlying Palm Beach County. North Palm Beach saw no vacancy during the quarter, but it’s only home to four manufacturing buildings.
The largest flex vacancy rate was 6.2 percent in central Palm Beach. The smallest flex vacancy rate was 4.1 percent in South Palm Beach.
Palm Beach was also the only county to see a positive absorption rate at 145,000 square feet.
Palm Beach County had the highest asking rents in South Florida for warehouses and manufacturing facilities at $9.28 a square foot and $9.11 a square foot, respectively.
Palm Beach’s warehouse rent set a new second since at least the second quarter of 2016. The rent was $9.23 per square foot in the second quarter, and $9.06 per square foot in the third quarter of 2019.
Palm Beach is home to the least amount of new industrial construction at 1 million square feet. Most of the construction is in central Palm Beach, with 550,000 square feet of warehouse space.
Palm Beach County’s largest sale in the quarter was the $51 million Oak Street Real Estate Capital deal at the Park at Broken Sound.
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