Southeast Industrial Labor Report_Q1 2024

ORLANDO, FL

ABSORPTION, NEW SUPPLY, & VACANCY RATES

6

0% 1% 2% 3% 4% 5% 6% 7% 8%

5 MSF

4

3

ABSORPTION, NEW SUPPLY & VACANCY RATES

2

Overall Net Absorption Construction Completions Overall Vacancy Rate

1

0

2018

2019

2020

2021

2022

2023

DEMOGRAPHICS

Population

4,318,562

Projected Population Change (5-Year)

9.0%

Working Age Population (Ages 18-64)

2,599,128

• Orlando maintained healthy fundamentals throughout 2023 despite a normalization in leasing activity, especially preleasing. A historic year for new deliveries contributed to a YOY rise in both vacancy and asking rents, up 120 bps and 18.3% respectively, as new, vacant, premium space hit the market. • Robust activity in previous years had left Orlando at a record low vacancy rate entering 2023. The influx of over 5.3 msf of new inventory throughout the year was instrumental in the markets sustained health, with a further 4.7 msf under construction at year end. • Orlando’s population is projected to grow 9.0% over the next five years, emphasizing the future demand for industrial and logistics space in the market. As a result, industrial labor growth will outpace both the U.S. and Southeast.

Labor Force

2,415,367

Median Household Income

$61,412

Educational Attainment: % of Total Pop. Age 25+ with High School to Associates Degree

49.2%

Target Blue Collar Demographic Volume

654,244

Target Blue Collar Demographic Concentration

1.3

MATERIAL MOVING OCCUPATIONS

PRODUCTION OCCUPATIONS

INDUSTRIAL LABOR

2024 Employment Volume

67,955

82,764

Worker Concentration

1.0

0.6

Projected 5-Year Employment Growth

7.5%

5.2%

Average Wages

$21.31

$21.26

Source: Cushman & Wakefield Research, Economic Research Institute, Experian

Wage Index

100

97

Demographics include Deltona-Dayton Beach-Ormond Beach Metro, Orlando-Kissimmee-Sanford Metro, The Villages Metro, and Lakeland-Winter Haven Metro

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Cushman & Wakefield | Southeast Industrial Labor Report