By Paul Owers, CoStar News.
A 51-year-old engineering firm is growing its workforce as part of a recent move to larger digs northwest of Miami.
Decimal Engineering paid $9 million last year for a nearly 80,000-square-foot manufacturing and headquarters facility at 4300 Coral Ridge Drive in Coral Springs. The firm previously leased two buildings in nearby Pompano Beach totaling a combined 45,000 square feet.
“It allowed us to move into a more modern building, which looks nicer to our customers,” said Alan Garey, co-owner of Decimal, in an interview. “We were also able to re-layout our business to make it more efficient.”
The firm is adding 20 positions and will receive $60,000 in economic incentives from Coral Springs and the state of Florida, according to the Greater Fort Lauderdale Alliance, Broward County’s economic development arm. The new jobs will be for machinists, operators and program engineers, with some supervisory positions also available.
Broward County’s central location makes the county an industrial destination, though vacancies have been rising in the past few quarters because of a spike in speculative development, according to the latest report from CoStar Market Analytics. Still, rent growth remains strong, and investment in the past year is near a county record as industrial prices appreciate at a much faster clip than the national average, the report notes.
"Investors continue to be attracted to this high-growth market, paying top-dollar prices for assets," the report states. "Blackstone, Prologis, and Duke Realty Corp. all shop here and are paying prices that are the highest in the state."
Coral Springs, one of the smaller industrial hubs in Broward County, maintains an asking rent of $13 per square foot, with rent growth of about 4.8%, in line with the metropolitan area, according to CoStar.
Decimal, founded in 1968 as a small sheet metal shop, has grown to 125 employees. The manufacturer provides parts to aerospace, defense and other industries. Alan Garey and his brothers Kevin and Mark bought Decimal from their parents, Mike and Priscilla, in 1994 and have acquired seven companies since 1998.