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Miami's small bay industrial warehouse pricing is on the rise
- 1. © 2019 Jones Lang LaSalle IP, Inc. All rights reserved.
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Snapshot
Rent growth for small-bay industrial buildings outpaces
that for larger warehouses
Source: JLL Research
Erik Rodriguez | erik.rodriguez@am.jll.com
November 21, 2019
Miami-Dade
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Y-o-Y strike rate growth by deal size
10k - 25k 25k to 50k 50k to 100k 100k +
• The average strike rate for small-bay industrial (or light industrial) space, characterized as space between
10,000 s.f. and 25,000 s.f., currently stands at nearly $11.00 per-square-foot (industrial gross), a 9.5
percent increase year-over-year. Comparatively, leases signed this year above 50,000 square feet have
experienced a decline.
• Since 2010, small-bay rents have climbed more than 40.0 percent. Supply limitations for light-industrial
facilities has helped to curtail availability and grow rents in the market.
• Submarkets tied to expansive supply chains and good infrastructure have seen the highest rent growth
for small-bay product. For example, rents for this product type in the Airport West submarket have
increased 16.0 percent year-over-year. Major parks in this region include, Americas Gateway Park, Beacon
Centre and Prologis Beacon Lakes.