Southeast Industrial Labor Report_Q1 2024

SOUTH FLORIDA, FL

ABSORPTION, NEW SUPPLY, & VACANCY RATES

14

5%

12

MSF

4%

10

3%

8

6

ABSORPTION, NEW SUPPLY & VACANCY RATES

2%

4

1%

Overall Net Absorption Construction Completions Overall Vacancy Rate

2

0

0%

2018

2019

2020

2021

2022

2023

DEMOGRAPHICS

Population

6,723,614

Projected Population Change (5-Year)

3.3%

Working Age Population (Ages 18-64)

4,049,742

• With more than 6.7 million residents across the Miami, Broward, and Palm Beach markets, South Florida maintains the largest population among the major Southeast metros.

Labor Force

3,660,830

Median Household Income

$62,917

• Industrial vacancy was tight at the end of 2023, below the 3% mark. Though developers were bullish, delivering nearly 19.4 msf of new construction over the past three years, demand for new product limited significant increases in available space.

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

44.2%

Target Blue Collar Demographic Volume

996,110

Target Blue Collar Demographic Concentration

1.3

• Nearly 10.0 msf of projects remained underway at the end of 2023, but sustained tenant demand and land constraints will limit over-development.

MATERIAL MOVING OCCUPATIONS

PRODUCTION OCCUPATIONS

INDUSTRIAL LABOR

2024 Employment Volume

86,417

112,122

Worker Concentration

0.8

0.5

Projected 5-Year Employment Growth

3.9%

1.7%

Average Wages

$21.93

$22.13

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

Wage Index

103

101

Demographics include Miami-Fort Lauderdale-West Palm Beach Metro, Port St. Lucie Metro, Sebastian-Vero Beach Metro, and Key West Micro

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Cushman & Wakefield | Southeast Industrial Labor Report