Fort Lauderdale Industrial Development
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Sponsor Our ArticlesFort Lauderdale is experiencing a major boom in its industrial real estate sector, driven by increasing demand for Class A facilities. Kevin Carroll, a notable player in this transformation, highlights the challenges and opportunities of developing quality spaces amidst land constraints. With vacancy rates below 4%, the area’s industrial market is thriving, showcasing significant leasing activity and rising rents. As local developments continue to flourish, the future of the industrial landscape in South Florida looks promising for investors and businesses alike.
As the sun shines down on Fort Lauderdale, the city is witnessing an incredible boom in the industrial real estate sector. With a growing number of companies flocking to the area for its state-of-the-art facilities, it’s no wonder that the region is becoming a hotspot for industrial developers and investors alike. Among those leading this transformation is Kevin Carroll, a seasoned professional who has been actively shaping South Florida’s industrial landscape.
Carroll, a 56-year-old partner at Bridge Industrial, has been instrumental in spearheading the company’s expansion in South Florida. Originally hailing from New Rochelle, New York, he relocated to Fort Lauderdale, where he launched Bridge Industrial’s South Florida development division. Since the company’s entry into the region in 2012, Bridge Industrial has completed or broken ground on an impressive 11 million square feet of properties across Miami-Dade and Broward counties. That’s no small feat!
The developments cover more than 740 acres of land, which is quite a challenge given the land constraints in the area. Carroll’s focus has primarily been on redevelopment projects, such as the transformation of the former Ryder System headquarters into modern, functional spaces that meet the demands of today’s businesses.
With the explosive growth of industrial real estate in South Florida, the demand for Class A facilities is higher than ever. Companies are looking for quality in the spaces they occupy, and as a result, there has been a noticeable shift toward repurposing existing sites due to the shortage of land available for new developments. This trend is significant as it allows older buildings to find new life while meeting modern standards.
The local industrial market faces unique challenges. With the ocean on one side and the Everglades on the other, there’s limited space for expansion. However, this has not hindered growth. In fact, new industrial spaces in South Florida are quickly occupied, boasting vacancy rates below 4% across Miami-Dade, Broward, and Palm Beach counties. This tells us just how hot the market is right now!
In the second quarter of the year, Miami-Dade County saw a striking 9% increase in industrial rents, while Broward County experienced an even larger 17% jump. The median asking rent for Miami-Dade’s industrial market climbed from $16.06 to $17.42 per square foot, indicating strong demand and rising prices.
The leasing activity has been buzzing with energy, reaching 1.6 million square feet in just the second quarter alone. Moreover, there’s an additional 7.5 million square feet currently under construction. Some of the noteworthy lease signings include MD Turbines Holdings securing 178,201 square feet and Compass Group USA taking up 69,697 square feet. These transactions reflect the growing confidence and investment in the industrial market.
Areas like Doral are drawing significant investor interest, exemplified by Terreno Realty Corporation’s recent acquisition of a campus there for a whopping $195.6 million.
Outside his professional life, Carroll is an avid boating enthusiast who frequently visits the Florida Keys for leisure activities, including fishing in the sparkling waters around Key West. Growing up, he was always active in sports and enjoyed the boisterous outdoors of South Florida, which likely influences his passion for the region.
As Carroll continues to drive the growth of industrial real estate in Fort Lauderdale and beyond, it’s clear that the skyline is just beginning to change. With innovative developments and increasing demand, the future of South Florida’s industrial market looks very bright indeed. Whether you’re a business owner looking for high-quality industrial space or someone interested in the trajectory of the real estate landscape, there’s no denying that all eyes should be on this exciting region!
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