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Storing facilities in Miami

Storing facilities in Miami

I wrote last year about the massive renovation plans related to PortMiami ( previously The Port of Miami ). This massive renovation has been under way for a few months now and it mainly includes an ambitious dredging project that will allow PortMiami to welcome mega-size container vessels which will come through the expanded Panama Canal. The end of the dredging project is planned to coincide with the opening of the new Panama Canal in 2015. PortMiami will be able to welcome cargo ships that are 50/52 feet deep and will be positioning itself as the first South East US cargo port once the widening of the Panama Canal is completed. In addition, PortMiami is partnering with Florida East Coast Railway to re-introduce on-port rail dock service. The port will be linked to the renovated Hialeah Rail Yard and as a consequence, it will be connected to the national rail system. Also, the Port Tunnel is planned to open at the end of May 2014. The underwater tunnel is linking Mc Arthur Causeway and Watson Island to PortMiami and Dodge Island, which will help decreasing the number of cargo trucks getting out of the Port to reach the main interstate roads, the railways or the Miami International Airport and therefore help reduce traffic in the Biscayne Bay area.

These major infrastructure improvements will clearly boost international trade coming to or from Latin America or Asia to and from Miami and a larger number of companies such as importers, exporters, construction and logistics companies as well as e-commerce companies and start-ups will need to purchase or lease warehouse space close to PortMiami and Miami International Airport (in  Doral or Medley ). There currently are approximately 230,000 square feet of warehouses in Miami and the average vacancy rate has been falling over the past few months, to 7 %, which is 2 % below the US national industrial average. Now is the time to invest in purchasing warehouses around the airport as selling and leasing prices will go up once these renovation projects are completed.

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