Miami’s Golden Glades area sees heightened new tenant demand for alternative use warehouse
In Miami, north of Wynwood which was once an abandoned warehouse district and has transformed into a trendy lifestyle destination for eclectic restaurants and art galleries, is another, different emerging hotspot for alternative-use warehouse space: Miami’s Golden Glades area.
The section of Miami to the west of the Golden Glades Exchange (the convergence of Florida’s Turnpike, Interstate 95, and State Road 836/Palmetto Expressway) previously known for strips of older warehouse space is seeing high demand for office/flex, showroom, and medical uses. In response, landlords are converting and rebranding warehouses to see higher returns.
Bert Checa, Transwestern Vice President, said, “The central South Florida location, accessibility from the region’s three busiest highways, and visibility from the Palmetto Expressway are the attributes drawing sudden increased demand for space in the Golden Glades area.”
He added that the main request from the majority of tenants is for their business name to be visible from the Palmetto Expressway which sees daily vehicular traffic of up to 223,000 vehicles per day.
Checa has completed several new leases in recent months on behalf of landlords with users uncommon to the immediate Golden Glades area including Cambridge College of Healthcare & Technology and Enjoy Technologies, a company created by former Apple retail chief Ron Johnson that sells high-end consumer electronics and provides personal delivery and in-home set up at no added cost to customers. In addition, medical office users account for most of Checa’s walk-throughs at properties in the area.
Checa added, “The demographic makeup of the Golden Glades area consisting of older residents is ideal for medical office users, which explains the rapid increase in interest for this specific use.”
Source: Press Release
Fulya Altunyay/[email protected]