FYI Miami: January 26, 2023

Bellow are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.

INDUSTRIAL RENTS RISE: The asking rate for manufacturing space rents in Miami-Dade County is the highest in four years at $10.89 per square foot as industrial space vacancy in general has reached its lowest level in years at 2.1%, according to a year-end market report from Colliers. With 228.2 million square feet of industrial space and 6 million more in construction, vacancy overall has fallen to 2.1% from 5% in the second quarter of 2020 as the pandemic was taking hold here. In the wholesale arena, average rents have reached a high of $12.90, up from $10.58 four years ago. The county’s industrial market now includes 5,422 buildings.

FPL SEEKS TO RAISE BILLS: Florida Power & Light said Monday it will ask the state Public Service Commission to approve collecting $1.3 billion from customers to recoup costs related to Hurricane Ian and Hurricane Nicole. It also will seek to collect about $2.1 billion because of high natural gas prices in 2022 – though that would be partially offset by reducing the amount FPL expects to collect for 2023 gas costs by $1 billion. The proposals would come on top of increased bills that took effect this month for many customers and additional hikes that will take effect in February. FPL would collect the hurricane-related costs over 12 months and the 2022 fuel costs over 21 months. It would apply the offset for 2023 fuel costs over nine months.

SHORTER SCHOOL BOARD TERMS: A day after Gov. Ron DeSantis endorsed the idea, Rep. Alex Rizo of Hialeah on Tuesday filed a proposal to impose eight-year term limits on county school board members. Lawmakers last year passed a measure that included 12-year term limits for school board members.

PLEA FOR RIVER AID: The Miami River Commission, which has not gotten state funds since former Gov. Rick Scott vetoed the legislature’s appropriation in June 2017 after three years of state aid, is getting support from Miami-Dade commissioners, who last week unanimously urged the legislature to again provide funds for the river work. Money appropriated in the last legislative session was vetoed again, this time by Gov. Ron DeSantis. The river commission, which was created by the state, works to improve the environment and the economy of the river area, operating water decontamination vessel service, removing dumped materials and invasive underwater plants and buying plants, mulch and dirt for river beautification. Miami-Dade County, the City of Miami and the Miami Downtown Development Authority fund about half the cost of river commission work.