Why Florida

Industrial Market Snapshot Q2 2024 742.0 MSF Statewide Inventory DIRECT VACANCY RATE 8.9 %

YTD OVERALL NET ABSORPTION SF

1.0M

1M

870.3k

822.5k

8 %

6.9 %

800k

DIRECT VACANT SPACE 38.1 MSF

SUBLEASE VACANT SPACE 2.2 MSF

600k

442.7k 485.4k

6 %

5.1 %

4.7 %

4.4 %

4.3 %

400k

3.8 %

231.8k

4 %

3.0 %

200k

0

2 %

−166.8k

−199.2k

7.6M 2.8M

Miami/Dade

350.3k Miami/Dade 168.6k Broward

0 %

DIRECT WTD AVG RENTAL RATE $11.45 PSF Broward 2.0M Palm Beach County 4.3M Tampa/Hillsborough 1.4M Pinellas County 6.6M Lakeland/Polk 8.5M Orlando 5.0M Jacksonville

26.4k Palm Beach County 116.6k Tampa/Hillsborough 233.0k Pinellas County 11.1k Lakeland/Polk 616.0k Orlando 663.0k Jacksonville

OVERALL VACANCY RATE

YTD LEASING ACTIVITY SF

9.0 %

3.3M

3.0M

7.4 %

8 %

2.5M

OVERALL WTD AVG RENTAL RATE $11.40 PSF

2.5M

2.2M

2.0M

6 %

5.3 %

1.9M

5.0 %

2.0M

4.7 %

4.5 %

4.4 %

1.5M

4 %

1.2M

3.2 %

1.0M

627.8k

538.1k

2 %

0.5M

$17.68 Miami/Dade $15.57 Broward

$17.57 Miami/Dade $15.61 Broward

0 %

0.0M

$14.96 Palm Beach County $10.49 Tampa/Hillsborough $10.90 Pinellas County $7.33 Lakeland/Polk $9.49 Orlando $8.02 Jacksonville

$14.95 Palm Beach County $10.49 Tampa/Hillsborough $10.97 Pinellas County $7.33 Lakeland/Polk $9.49 Orlando $7.92 Jacksonville

Construction

Miami/Dade

Broward

Lakeland

13.9 MSF 15.5 MSF

Tampa/Hillsborough

Palm Beach County

CONSTRUCTION COMPLETIONS

UNDER CONSTRUCTION

Pinellas County

Orlando

Jacksonville

Cushman & Wakefield | Why Florida