Commercial Investment Real Estate May/June 2017 | Page 43

{SOUTHEAST}
Miami’s Industrial
Market Sizzles
180.6 msf
Total office inventory in the Miami-Dade County
industrial market
5,608,171 sf
Direct net absorption for 2016
2.37%
{SOUTHEAST}
Charlotte Hotel
Market Shines
Several new hotels will open in Charlotte, N.C., during 2017,
adding more than 1,000 new rooms to a robust hospitality market,
according to the Charlotte Area Hotel Association. Strong corporate
business is propelling the construction of new hotels that also will
accommodate convention spaces. Among the new hotels are the
Embassy Sites, Spring Hill Suites, and Kimpton Hotel.
Overall vacancy rate
$6.82 psf
Average rental rate for industrial space in
Miami-Dade County on a triple-net basis
{ WEST }
Source: Avison Young
{MIDWEST}
California Industrial Markets
Remain Robust
Four underlying economic forces are driving the high demand for
industrial space in California: manufacturing; exporting goods to Asia
and Mexico; importing consumer goods from manufacturing centers
in Asia; and e-commerce. The extremely low vacancy rates are
expected to last through as least 2019, according to UCLA Anderson
Forecast. In fact, the shift to e-commerce is occurring faster than
warehouse space is being built. For instance, the warehouses in San
Pedro Bay, Calif., of the Inland Empire region used to be an extension
of the ports, but now are an industry in their own right.
{ NORTHEAST }
Mixed-Use Trophy Property
Back to Local Owners
Millennia Companies of Valley View, Ohio, purchased the 57-story
Key Center, a mixed-use property, in Cleveland for $267.5 million
from Columbia Property Trust. Key Center encompasses a 1.3-msf
office complex, a 400-room Marriott hotel, and nearly 1,000 park-
ing spaces in an underground garage. Millennia plans to upgrade
the public spaces and office floors in the iconic landmark complex
for new tenants, including its own headquarters.
CCIM.COM
Boston Metro
Scores Low Office
Vacancy Rates
Office and lab space were the hottest commodity in Boston during
2016, with no vacant lab space left in Cambridge, Mass. In close
proximity to major U.S. hospitals and universities, especially Harvard
University, Cambridge leads the world for biotech company ten-
ancy and revenue YOY, according to Avison Young. During the last
five years, the deciphering of the human genome has attracted an
unprecedented level of biotech and life-science companies needing
office and lab space to the Boston metro area.
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