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Largest leases are getting larger in land constrained Miami, and having to rely on BTS options as of late

  • ​Large leases (100,000 – plus square feet) are a rarity for the market, yet large deals are only getting larger. The largest deal seven years ago was 174,000 square feet while in 2017 it was 857,000 square feet – partially driven by the increase of e-commerce in the region.

  • In the past 12 months, the market witnessed large leases with an average transaction size of 43,400 square feet – an increase of 20.0 percent from the previous year. There has been three built-to-suit transactions in the past 36 months, all above 400,000 square feet.

  • Miami continues to be very desirable but also land-constrained, so developers have been going back to the drawing board to look at unique ways to add more space. Recently, the renovation of existing facilities and ability to develop additional space on adjacent land has been creating a unique benefit for the industrial market in the region.​​

Source: JLL Research

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