Approve South Dade tech district. The county is running out of industrial land | Opinion

Our government representatives have a duty to tell us the truth. That is the foundation of our democracy.

As a real-estate professional in Miami-Dade County, I followed the County Commission’s recent hearing on the South Dade Logistics & Technology District. I was baffled when I heard county administration misrepresent the demand for e-commerce warehousing.

One county staff member said that Miami-Dade has reviewed “evidence in the market” that we have lower demand when the truth is the exact opposite.

I know that based on my 48 years of real-estate experience and review of data-based reports from such professionally accepted sources as CoStar, CBRE and Avison Young. CBRE issued a report in October 2021 based on CoStar data, concluding that there were just 1,300 acres of land remaining for industrial development in Miami-Dade County.

CoStar also provided information on the annual absorption of industrial space in Miami-Dade County averaged over the past 20 years. “Absorption” occurs when a warehouse building is occupied by a tenant under a lease with the owner. CoStar’s data indicated that the average annual absorption was approximately 2.9 million square feet of space, which requires the equivalent of 177 acres to develop.

Let’s go back to the 1,300 acres of land remaining for industrial development in Miami-Dade County as of October 2021. If based on 20 years of data, 177 acres are being consumed for industrial deployment annually, meaning Miami-Dade County runs out of industrial land in just 7.4 years.

The historical 20-year average annual absorption rate is extremely conservative. And, contrary to the county administrator’s statement, during 2021 and the first nine months of 2022, the market has absorbed more than 14.8 million square feet of space, which consumed a whopping 906 acres of industrial land.

All of this development creates a supply of logistics and warehouse space that serves the economy of our county and our country. It helps create jobs and prosperity for South Dade and all county residents. At current market absorption rates, our much-needed industrial supply will soon be gone.

That is why I believe Miami-Dade County commissioners must approve the South Dade Logistics & Technology District on Nov. 1. It will help our community address its needs and continue to be competitive with the rest of the country.

Edward W. Easton,

chairman,

The Easton Group