Why Florida

Industrial Market Snapshot Q3 2024 748.3 MSF Statewide Inventory DIRECT VACANCY RATE 8.8 %

YTD OVERALL NET ABSORPTION SF

1.4M

7.6 %

8 %

6.5 %

1M

786.6k

DIRECT VACANT SPACE 43.8 MSF

SUBLEASE VACANT SPACE 2.1 MSF

5.8 %

5.7 %

6 %

5.0 %

479.7k

4.6 %

500k

342.5k

273.9k

157.9k

4 %

3.2 %

0

2 %

−397.8k

−422.1k

8.9M

Miami/Dade

718.1k Miami/Dade 200.8k Broward 45.8k Palm Beach County 63.2k Tampa/Hillsborough 165.6k Pinellas County 11.1k Lakeland/Polk 643.3k Orlando 284.7k Jacksonville

0 %

DIRECT WTD AVG RENTAL RATE $11.58 PSF Palm Beach County 4.9M Tampa/Hillsborough 1.6M Pinellas County 6.5M Lakeland/Polk 9.5M Orlando 6.7M Jacksonville 3.0M Broward 2.8M

OVERALL VACANCY RATE

YTD LEASING ACTIVITY SF

8.8 %

4.7M

8.1 %

8 %

3.8M

3.7M

4.0M

6.6 %

OVERALL WTD AVG RENTAL RATE $11.55 PSF

6.1 %

5.8 %

3.0M

5.4 %

6 %

5.0 %

3.0M

2.6M

1.8M

3.4 %

4 %

2.0M

1.1M

1.1M

2 %

1.0M

$17.00 Miami/Dade $15.84 Broward

$16.62 Miami/Dade $15.86 Broward

0 %

0.0M

$15.70 Palm Beach County $10.34 Tampa/Hillsborough $10.19 Pinellas County $7.43 Lakeland/Polk $10.36 Orlando $7.79 Jacksonville

$15.70 Palm Beach County $10.35 Tampa/Hillsborough $10.25 Pinellas County $7.43 Lakeland/Polk $10.29 Orlando $7.78 Jacksonville

Construction

Miami/Dade

Broward

Lakeland

19.7 MSF 15.1 MSF

Tampa/Hillsborough

Palm Beach County

CONSTRUCTION COMPLETIONS

UNDER CONSTRUCTION

Pinellas County

Orlando

Jacksonville

Cushman & Wakefield | Why Florida