• Orlando

2Q19 Market Update: Florida’s Industrial Revolution

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.

Market Highlights:
  • 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.


For more information, contact:

 

Chris Owen
Director, Florida Research
chris.owen@cushwake.com

 

Jason McCormick
Analyst, Tampa
jason.mccormick@cushwake.com

 

  • Orlando

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