Polk Industrial Statistics

LAKELAND/POLK INDUSTRIAL MARKET 4Q 2023

Direct Vacant Space

Sublease

YOY

Direct

Overall

YOY

YTD

YOY

Quarter

YTD

YTD

Number Buildings

Vacant Space

Direct

Overall

%

Wtd. Avg.

Wtd. Avg.

%

Leasing Activity

%

Overall Net Absorption

Overall Net Absorption

Construction Completions

Under

Vacancy Rate

Change Asking Rental Rates Asking Rental Rates Change

Inventory

Vacancy Rate

Change

Construction

OVERALL LAKELAND Southwest Southeast Northwest Northeast Davenport East Polk South Polk

252

36,548,070 15,533,250 2,145,684 8,376,446 10,492,690 6,774,243 19,305,096 7,626,043 70,253,452 31,302,383 13,662,169 1,151,662 6,443,346 10,045,206 6,774,243 16,977,570 5,855,181 60,909,377 Inventory

2,886,304 1,644,662 165,275 1,069,067 224,096 1,206,923 108,984 4,426,307 7,300 2,885,054 1,644,662 164,025 1,069,067 224,096 1,203,949 108,984 4,422,083 7,300 Direct Vacant Space

11,050

7.9%

7.9%

1.6

$7.16 $7.41 $10.00 $7.63 $6.21 $7.33 $7.84 $7.00 $7.39 $7.16 $7.41 $10.00 $7.63 $6.21 $7.33 $7.83 $7.00 $7.39 Direct Wtd. Avg.

$7.16 $7.41 $10.00 $7.63 $6.21 $7.33 $7.84 $7.00 $7.39 $7.16 $7.41 $10.00 $7.63 $6.21 $7.33 $7.83 $7.00 $7.39 Overall Wtd. Avg.

18.8% 1,598,565 -26.3% -3,985

295,660 296,400 -7,300 34,350 -27,790 -224,096 397,967

963,820 963,820

647,440 647,440

7.2% 666,568 0.0% 41,400 16.0% 118,650 17.1% 771,947 -18.2% 508,597 0.0% 42,600 0.0% 0

-55.9% 2,350

0

10.6% 0.3% 2.0% 10.2% 3.3% 6.3% 1.4% 6.3%

10.6% 3.9

86 50 79 37 18

0 0 0 0

0 0 0

11,050

0.9% 2.0% 3.3% 6.3% 1.4% 6.3%

0.3 -0.4

-60.0%

0

-31.4% -5,275 103.0% 3,680 -100.0% 0 92.7% 3,400

0 0 0 0 0

10.2% 0.3

3.3 4.9 0.0 2.5

80,000

130

1,361,199

0

73

0.0%

0

0

0

1,216,800 1,944,240

TOTAL

473

11,050

15.3% 2,149,762 -16.4% -3,985

469,531

2,325,019

Sublease

Y-o-Y

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

YTD

Number Buildings

Vacant Space

Direct

Overall

%

%

Leasing Activity

%

Overall Net Absorption

Overall Net Absorption

Construction Completions

Under

Vacancy Rate

Vacancy Rate

Change Asking Rental Rates Asking Rental Rates Change

Change

Construction

WAREHOUSE/DISTRIBUTION

963,820 963,820

647,440 647,440

18.8% 1,591,455 -26.6% -6,355

296,910 296,400 -7,300 35,600 -27,790 -224,096 398,141

189

0 0 0 0 0 0 0 0 0

9.2%

9.2%

1.9

LAKELAND Southwest Southeast Northwest Northeast Davenport East Polk South Polk

12.0% 4.3

7.2% 663,208 0.0% 38,900 16.0% 117,400 17.1% 771,947 -18.0% 505,197 0.0% 42,600 0.0% 0

-56.1% -1,010 -62.4% -2,500 -32.1% -6,525 103.0% 3,680 -100.0% 0

69 31 55 34 18

12.0% 0.6% 2.5% 10.6% 3.3% 7.1% 1.9% 7.3%

0.6% 2.5% 3.3% 7.1% 1.9% 7.3%

0.6 -0.6

0 0 0 0

0 0 0

10.6% 0.3

3.3 5.5 0.0 2.9

80,000

118

91.4% 0.0%

0 0

1,361,199

0

63

0

0

1,216,800 1,944,240

TOTAL

388

15.2% 2,139,252 -16.8% -6,355

470,955

2,325,019

Direct Vacant Space

Sublease

Y-o-Y

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

YTD

Number Buildings

Vacant Space

Direct

Overall

%

Wtd. Avg.

Wtd. Avg.

%

Leasing Activity

%

Overall Net Absorption

Overall Net Absorption

Construction Completions

Under

Inventory

Vacancy Rate

Vacancy Rate

Change Asking Rental Rates Asking Rental Rates Change

Change

Construction

OFFICE SERVICES/FLEX

=

0 0 0 0 0 0 0 0 0

11,050

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.1% 0.0% 0.0% Direct

2.8% 0.0% 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.6% 0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.1% 0.0% 0.0% Overall

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 %

N/A N/A N/A N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A N/A N/A N/A

0.0% 5,860 0.0% 3,360 0.0% 2,500

0.0% 3,620 0.0% 1,120 0.0% 2,500

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

11

397,947 96,547 223,000 78,400

LAKELAND Southwest Southeast Northwest Northeast Davenport East Polk South Polk

3 5 3 0 0 1 0

0

11,050

0.0% 0.0% 0.0% 0.0% 0.0%

0 0 0 0 0

0.0% 0.0% 0.0% 0.0% 0.0%

0 0 0 0 0

0 0 0 0 0

0 0

32,240

0

TOTAL

12

430,187

11,050

0.0% 5,860

0.0% 3,620

Direct Vacant Space

Sublease

Y-o-Y

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

YTD

Number Buildings

Vacant Space

Wtd. Avg.

Wtd. Avg.

%

Leasing Activity

%

Overall Net Absorption

Overall Net Absorption

Construction Completions

Under

Inventory

Vacancy Rate

Vacancy Rate

Change Asking Rental Rates Asking Rental Rates Change

Change

Construction

MANUFACTURING LAKELAND

52 14 14 21

4,847,740 1,774,534 771,022 1,854,700 447,484 2,295,286 1,770,862 8,913,888 0

1,250

0 0 0 0 0 0 0 0 0

N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A

0.0% 1,250

0.0% -1,250

-1,250

Southwest Southeast Northwest Northeast Davenport East Polk South Polk

0.0% 0.0% 0.0% 0.0%

0 0 0 0

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0 0 0 0 0 0

0 0 0 0

0 0 0 0

1,250

0.0% 1,250

0.0% -1,250

-1,250

3 0

11 10 73

2,974

$12.00

$12.00

0.0% 3,400

-174

0

N/A

N/A

0.0%

0

0

TOTAL

4,224

$12.00

$12.00

0.0% 4,650

0.0% -1,250

-1,424

*Overall figures include sublease and direct space Note: Cushman & Wakefield is continuously refining its database. Due to adjustments made to the inventory, vacancy & leasing activity which affects absorption, current figures may not match what was published previously. Historical data has been adjusted to take in account these changes. This report contains information available to the public and has been relied upon by Cushman & Wakefield on the basis that it is accurate and complete. Cushman & Wakefield accepts no responsibility if this should prove not to be the case. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. Copyright @ 2021 Cushman & Wakefield, Inc. All rights reserved.