By Jason McCormick, Analyst
The industrial sector is undergoing a rapid transformation and Florida is at the forefront. The e-commerce boom, supported by a strong economy and growing population, has positioned Florida as a target market for new construction and tenant expansion. In the first half of 2019, over 7.3 msf was delivered with 15.3 msf currently under construction.
- Statewide vacancy rose to 4.6% as new construction outpaced tenant move-ins.
- Spec construction drove the bulk of activity, outweighing build-to-suits in all 6 of the major area markets.
- Quality space options and increasing tenant demand will likely lead to higher absorption and leasing numbers in upcoming quarters.
- Economic expansion and population growth contribute to increases in consumer spending and demand for industrial space.
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