Miami Lakes – In 1962 the community of Miami Lakes began. More recently, Miami Lakes became an incorporated town in 2000. It is a community which was planned by the Graham family, whom had originally used the 3,000 acres for their dairy farm. There are 23 lakes within the Miami Lakes.
There are just under 12 million square feet of warehouse space in the Miami Lakes submarket. Many of the Miami Lakes warehouses were custom built for different companies. Because of their custom features, many of the warehouses were not built for distribution, nor logistics. Many of them have large amounts of office space with few dock positions, but many of the properties have more parking than most other warehouses found in Miami-Dade County. Most warehouses are larger single or multi-tenant buildings used for storage or manufacturing. Some of the larger tenants in Miami Lakes include: Johnson & Johnson’s Cordis, Bank United, W.W. Grainger, and Miami International Freight Solutions.
Miami Lakes warehouses currently carry around a 7.25% vacancy rate and average asking rental rates of $7.40 per sq. ft. At the end of the 3rd quarter 2014, Miami Lakes boasted a positive absorption of roughly 50,000 sq. ft, which decreased the vacancy by almost .5%.