Flex Space Demand Leads To Record Occupancy At Miramar Park Of Commerce

Feb 17, 2014 No Comments by

The collaboration between the leasing team at the Miramar Park of Commerce and Jones Lang LaSalle (JLL) has led to a record occupancy rate of 98 percent.

Since July, 80,000 of the 100,000 square feet of available office/flex product in the Park has been leased.

“JLL continues to bring tremendous value to our team,” said Andrew Ansin, vice president of Sunbeam Properties, developer of the Miramar Park of Commerce. “As the Park’s improved occupancy rate demonstrates, JLL’s aggressive marketing and sales effort has been very successful. We expect to continue to see increasing demand and rising rental rates in 2014.”

Currently there is only 125,000 square feet of second generation space available within the 5.2 million square in the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida. Of that 125,000 square feet, 88,000 is warehouse space and 27,000 square feet is flex space.

According to Jonathan Kingsley, senior vice president at JLL, a spike in population growth, a positive economic outlook, an emphasis on global distribution by companies in South Florida and limited new development of Class A flex properties are among the drivers contributing to an increase in demand for space, particularly at the Miramar Park of Commerce.

“There is great demand for quality flex space and the best in quality real estate is at the Miramar Park of Commerce,” said Kingsley. “There’s a reason the Park is outperforming competitors and setting leasing records. It is clearly the premier business park in Broward County.”

In 2013, several existing Park tenants expanded in the Park. They were led by Spirit Airlines, which renewed a 56,194 square foot lease for its headquarters and expanded by 14,625 square feet. Spirit originally moved to Miramar Park of Commerce from Detroit in 1999.

Spirit Airlines, United Aerospace, Jet Engine Solutions, Kaba Benzing, Jamaica Aerospace, International Aircraft Associates and Sunshine Avionics are a few of the many companies that have relocated to Miramar Park of Commerce, making it an aviation hub that continues to grow.  Most recently, Lufthansa Airlines, the largest airline in Europe, signed a lease for 9,000 square feet of flex space.

“The Park’s proximity to regional and international airports and easy access to major roadways is an advantage to companies serving the aviation industry,” said Kingsley, who brokered the Lufthansa Airlines lease with Ryan Goggins from Sunbeam Properties and Sal Bonsignore of Colliers International South Florida.

Several new tenants that relocated to the Miramar Park of Commerce in 2013 expanded at the same time. Proforce Equipment expanded from 6,000 square feet in Doral to 19,102 square feet and Southeast Frozen Foods moved its corporate office from Miami Gardens and expanded to 15,000 square feet of flex space.

“What a difference a year makes,” said Kingsley. “A year ago there was not the demand for flex space and rates were depressed. Based on the success we’ve experienced at the Miramar Park of Commerce, the tide has shifted, which is great news for the industry.”

 

 

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Broward County Industrial / Flex, Industrial / Flex, Industry News, NA
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