Hialeah
The City of Hialeah was incorporated in 1925. Hialeah is the 5th largest city in the State of Florida and sits in the middle of Miami-Dade County. All major Miami-Dade expressways cross through or border Hialeah. The Tri-Rail and Miami Metrorail both service Hialeah. Both CSX and FEC (Florida East Coast Railway) railways go through the city.
The Hialeah warehouse market continues to recover from the lows of 2008 -2009. Hialeah warehouses lost more value and saw lease rates lowered greater than most other warehouse markets in Miami-Dade. Their warehouse lease rates and sale prices bottomed out during those years, and it wasn’t until late 2011 that Hialeah saw a turn around. Over the last 3 years, Hialeah has only seen saw two quarters of negative absorption in regards to warehouse space.
Prices are still down overall, but there are many interesting things going on in Hialeah. With a very pro-business city government, businesses enjoy the welcoming arms found in Hialeah. With “time being everything” and a continued uptick on gas prices, some investors are looking at Hialeah because of its strategic location near both Port Miami and Miami International Airport. With land being scarce in Miami-Dade County, it is likely we will see investors purchase existing, non-functional warehouses and demolishing them in order to erect newer warehouses.
At the end of the 2nd quarter 2014, asking warehouse lease rates were between $4.25 to $6.00 per sq. ft. gross, and the Hialeah warehouses had a vacancy rate of about 5%. During the second quarter 2014, Caterpillar Logistics Services did a 133,000 sq. ft. lease at Centergate at Gratigny, 6301 E 10th Avenue, Hialeah, FL.