Miami industrial developers hope for Latin American lift

January 22nd, 2010

The future of Miami’s industrial real estate market lies, in large part, in Rio, the leading city of an emerging Latin American economic power whose fortunes are tied to a U.S. city that functions as the southern region’s financial capital. It will take some time before Miami once again benefits from its ties to the southern region.

Walter Byrd, managing director with Transwestern’s South Florida office, expects 2010 to be similar to 2009 in Miami, which is to say, somewhere between challenging and dismal. The market has been hit by domestic declines and diminished international economic activity, and the combination has been particularly rough on Miami’s heavily industrialized area near Miami International Airport, a cargo and passenger hub.

“The extreme drop in cargo volume through Miami International Airport, the worst year in terms of total tonnage since before 1996, has made a significant impact on both vacancy and lease rates in Miami’s Airport West market, the region’s largest industrial submarket,” Byrd said.

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