FLORIDA INDUSTRIAL. David J. Murphy, MAI, SIOR, CCIM Senior Vice President Industrial Properties

Transcription

1 FLORIDA INDUSTRIAL Market Review David J. Murphy, MAI, SIOR, CCIM Senior Vice President Industrial Properties

2 David J. Murphy, MAI, SIOR, CCIM Senior Vice President Industrial Properties NAIOP of Central Florida Industrial Broker of the Year Nine Consecutive Years Commercial Property Executive Magazine Top 10 Emerging Professionals for Overall Top Producer, Central Florida Commercial Association of Realtors Named one of the Top 25 Commercial Brokers in Florida by Real Estate Florida Magazine CBRE National Recognition Conference (Top 200) CBRE Industrial Advisory Council Client s represented: Walt Disney JP Morgan Eastman Kodak AT&T Viacom Siemens Frito Lay Lockheed Martin Universal Studios R.R. Donnelley CalEast First Industrial Progress Energy CB Richard Ellis Investors American General FiServ Duke Realty Corp. RREEF Cardinal Health CBRE Page 2

3 Total Vacancy -vs- Average Direct Asking Lease Rate (NNN) Total Vacancy 9.4% Avg Dir Asking Lease Rate $5.03 CBRE Page 3

4 Florida Industrial Market Statistics Submarket Building SF Total Vacancy (%) Total Availability (%) Qtrly Net Absorption YTD Net Absorption Under Construction Avg Dir Asking Lse Rate (NNN) Miami 209,484, ,951 2,109, ,352 $4.93 Broward 93,422, (36,256) 228, ,074 $6.62 Palm Beach 44,998, , ,124 0 $6.35 Tampa Bay 135,519, (75,881) 57,614 47,679 $5.03 Polk 34,597, , , ,000 $4.21 Orlando 106,259, ,435 2,581,734 87,814 $5.00 Jacksonville 97,711, , ,568 0 $3.98 State of Florida Markets South Florida Markets North Florida Markets 721,993, ,428,150 6,716,204 1,352,919 $ ,906, ,086,795 2,800, ,426 $ ,087, ,341,355 3,915, ,493 $4.65 CBRE Page 4

5 Florida Industrial Avg Direct Asking Lease Rates (NNN) $5.03 CBRE Page 5

6 Florida Industrial Net Absorption: 2012 YTD 6,716 K SF (Tho usands) CBRE Page 6

7 Florida Industrial Completions: 2012 YTD SF (Thousands) 653 K CBRE Page 7

8 Florida Economic Influence CBRE Page 8

9 Florida s Third Quarter 2012 Sales Market Building SF Buyer Property/Address Sales Price Jacksonville 327,400 Bedrosians Tile 8313 Baycenter Road, Jacksonville $7,000,000 Miami 302,825 Stockbridge RE Partners Aventura Industrial Center/320 NE 187 th Street, Miami $18,700,000 Jacksonville 240,000 Dalfen America Corporation N Main Street, Jacksonville $3,887,500 Miami 232,500 Stockbridge RE Partners Sysco Building/555 Northeast 185 th Street, Miami $13,500,000 Palm Beach 220,000 Stockbridge RE Partners Congress Park Business Center/420 S Congress Avenue, Delray Beach $8,770,000 Miami 147,740 Codealtex LLC 1600 E 11 th Court, Hialeah $5,400,000 Miami 138,000 Terrano Realty Corporation Avborne/ NW 26 th Street, Miami $12,100,000 Orlando 120,603 Exeter Financial Group Lake Mary Business Center/1150 Emma Oaks Trail, Lake Mary $7,300,000 Tampa Bay 117,234 Brennan Investment Group JV Gatehouse Bank Builders FirstSource/1602 Industrial Park Drive, Plant City $3,332,800 Miami 116,486 Gramercy Capital Corp JV Garrison Investment Group NW 59 th Avenue, Hialeah $9,459,077 th Broward 100,000 Weeks Robinson Properties 3901 NE 12 th Avenue, Pompano Beach $3,000,000 Miami 95,583 Caribbean Investments LLC 4760 NW 165 th Street, Hialeah $4,400,000 Miami 77,463 Major Brand 3201 NW 72 nd Avenue, Miami $4,536,000 Miami 75,000 Terreno Realty Corporation 1401 NW 78 th Avenue, Miami $4,200,000 CBRE Page 9

10 Florida 3Q 2012 Sales Volume Billions $1,039 M CBRE Page 10

11 Florida 3Q 2012 Sales Statistics 2012 YTD # Deals Total SF Volume $ PSF Cap Rate Miami 42 8,250,135 $622,109,343 $75 6.8% Broward ,308 $73,824,233 $84 9.2% Palm Beach 8 465,511 $30,933,250 $66 N/A Tampa Bay 16 1,956,467 $96,587,790 $49 8.5% Polk 3 949,202 $33,800,000 $36 8.0% Orlando 13 2,992,080 $148,700,000 $50 7.7% Jacksonville 6 1,131,963 $33,307,500 $29 N/A State of Florida ,626,666 $1,039,262,116 $63 7.7% CBRE Page 11

12 Florida 3Q 2012 Leases Market Building SF Tenant Property/Address Miami 280,000 Perez Trading Prologis Gratigny Industrial/11400 NW 32 nd Avenue, Miami Miami 273,000 Schenker Branch DCT Commerce Center Bldg A & B/1801 NW 135th Avenue, Doral Tampa Bay 243,903 Highlands Packing Solutions Gordon/1410 Gordon Food Service, Plant City Miami 204,000 Aeroturbine Miramar Centre Business Park/15701 SW 29 th Street, Miramar Tampa Bay 202,500 Coca-Cola Refreshments Madison Industrial Park/4429 Madison Avenue, Tampa Miami 139,000 Yusen International Corporate Park/10200 NW 21 st Street, Miami Jacksonville 129,500 Sams Club Alta Lakes Industrial Park/2562 Cabot Commerce Circle, Jacksonville Orlando 123,553 Shaw Industries, Inc Orlando Central Park/2900 Titan Row, Orlando Broward 98,704 Land N Sea Distribution, Inc Sample 95 Business Park/3101 N Andrews Ave Ext, Pompano Beach Broward 90,243 Florida Supplement, LLC Miramar Park of Commerce/3700 Commerce Parkway, Miramar Jacksonville 84,244 JanPak, Inc Crossroads Distribution Center/6600 Pritchard Road, Jacksonville Jacksonville 80,000 Monavie LLC Jacksonville 56,420 River City Security Services, Inc Center Point Business Park/6601 Executive Park Court, Jacksonville Central Park/3728 Philips Highway, Jacksonville CBRE Page 12

13 Florida 3Q 2012 Leases YTD Deliveries Property City Submarket Polk Rooms To Go Distribution Center 1480 Airport Road Miami Beacon Lakes Building NW 25 th Street Orlando Southridge Commerce Park 2354 Commerce Park Building SF Vacancy % Avg Asking Rate Lakeland West Polk 300, N/A Miami Airport/Doral 189, $9.25 IG Orlando SW Orange 76, Negotiable Polk 4070 S Pipkin Road Lakeland West Polk 59, $4.50 NNN Orlando 6651 Narcoossee Road Orlando SE Orange 27, $7.50 MG CBRE Page 13

14 Florida 3Q 2012 Leases Under Construction Property City Submarket Building SF Avg Asking Rate Polk Publix/3050 New Tampa Highway Lakeland West Polk 562,000 N/A Broward Miami Miami Orlando Miramar Centre Business Park/15701 SW 29 th Street Flagler Station/10315 NW 112 th Avenue Pan American West Business Park/1801 NW 135 th Avenue Southridge Commerce Park/2252 Commerce Park Drive Miramar Southwest Broward 264,074 $7.00 NNN Miami Medley 171,680 N/A Doral Airport/Doral 167,200 N/A Orlando Southwest Orange 87,814 Negotiable Tampa Bay Garba Industrial/4915 Denver Street Tampa East Tampa 20,159 N/A Miami Silver Palms Business Center/13400 NW 38 th Center Opa Locka Tampa Bay 7040 Anderson Road Tampa Miami Silver Palms Business Center/13400 NW 38 th Center Opa Locka North Central Dade Northwest Tampa North Central Dade 16,355 N/A 15,360 N/A 14,630 N/A Tampa Bay 1988 Tampa East Boulevard Tampa East Tampa 12, N/A Miami NW 24 th Street Doral Airport/Doral 10,812 N/A Miami Silver Palms Business Center/13400 NW 38 th Center Opa Locka North Central Dade 10,675 N/A CBRE Page 14

15 Inventory Size MSF 100 MSF 200 MSF 50 MSF 99 MSF Below 50 MSF Tampa Inventory Vacancy % Asking Rate 135,519,15 1Polk 9.9% $5.03 NNN Inventory Vacancy Asking % Rate 34,597, % $4.21 NNN Miami Florida Industrial Inventory Jacksonville Inventory Vacancy % Asking Rate 97,711, % $3.98 NNN Orlando Inventory Inventory Vacancy % Asking Rate 209,484, % $4.93 NNN Vacancy % Asking Rate 106,259, % $5.00 NNN Palm Beach Inventory Vacancy Asking % Rate 44,998, % $6.35 NNN Broward Inventory Vacancy Asking % Rate 93,422, % $6.62 NNN CBRE Page 15

16 FLORIDA INDUSTRIAL David J. Murphy, MAI, SIOR, CCIM Senior Vice President Industrial Properties