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South Florida’s most notable developers continue to remain bullish on the market

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  • ​South Florida’s economy has seen a dramatic improvement and industrial growth in the last several years. In fact, developers have delivered about 26.5 million square feet of industrial space in South Florida since the recession, of which 27.0 percent has occurred in the past 24-months.
  • As developers remain confident, new supply continues to enter the industrial market at hastened pace across South Florida – primarily in the Miami market where 13 buildings delivered since the beginning of 2017 and five more are slated to come online by year-end. The majority of new developments has been speculative by nature.
  • In fact, “Build it first, find a tenant later”, is the mantra developers such as Flagler and Bridge Development continue to live by in the region, breaking ground with little or no pre-leasing in place. However, there is currently 4.5 million square feet under construction in South Florida, of which 47.0 percent is already pre-leased.
  • In addition, Flagler has been the most active developer this year with the construction of Countyline Corporate Park, which will bring close to 1.2 million square feet of investment grade product to the market in the next six to eight months.​​

Source: JLL Research

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