Reso 2006-959 - Laserfiche WebLink

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The Greater Miami Industrial Market, as of the end of 2005, consisted of approximately 170.57 million square feet of industrial space. The approximate percentage location of this space is as follows: % OF TOTAL MARKET AREA MARKET SPACE AIRPORT EAST 14.6% AIRPORT WEST 33.2% HIALEAH 11.2% MEDLEY 10.3% MIAMI LAKES 2.9% NORTHEAST DADE 4.4% NORTHWEST DADE 14.1% SOUTH DADE 9.3% TOTAL 100% The major use of industrial space is general industrial which accounts for approximately 48% of the occupied space. Manufacturing and technology occupy the remainder of the space accounting for approximately 45% and 7% of the industrial space, respectively. The county's vacancy rate for the overall Miami-Dade County industrial market for the fourth quarter of 2005 was 4.7%. Miami Lakes and Airport West had the highest vacancy rates, 8.7% and 6.8%, respectively. Industrial rental rates generally range from $4.00 to $8.00 per square foot. The number of single family residential permits decreased 36.6% from 6,355 in 2002 to 8,680 in 2003. Since 2003, the number of permits has increased 7.2% to 9,306 in 2004. The average sale price of a new residence in Miami-Dade County in 2004 was $253,300 down 6.1 % from $268,734 in 2003. According to data from the Department of Business and Professional Regulation, Miami-Dade County has over 178,700 licensed rental apartment units. Reinhold P. Wolff Quarterly Housing Report shows a vacancy rate of 1.6% in August of 2005, significantly lower than the 4.0% rate of August of 2004. The vacancy rate has been declining steadily since 2003 due to the reduction of inventory caused by the large amount of condominium conversions. Rental apartments have average rental rates of $904 per month for a one bedroom apartment and $1,134 per month for a two bedroom apartment, as of August 2005. QUINLIVAN APPRAISAL 17