Why Florida

Industrial Market Snapshot Q1 2025 754.7 MSF Statewide Inventory DIRECT VACANCY RATE Miami/Dade Broward Palm Beach County

Lakeland

Tampa/Hillsborough

Pinellas County

Orlando

Jacksonville

YTD OVERALL NET ABSORPTION SF

VACANT SPACE

9.5 %

10.0%

958.7k

1.0M

8.1 %

48.3 MSF DIRECT

2.6 MSF SUBLEASE

8.0 %

800k

6.7 %

6.5 %

587.3k

5.9 %

5.7 %

600k

6.0 %

5.0 %

400k

3.5 %

4.0 %

200k

75.3k 15.3k

64.6k

10.3M Miami/Dade 3.2M Broward 2.8M

635.5k Miami/Dade 442.0k Broward

0

2.0 %

−8.0k

−15.0k

−200k

60.0k Palm Beach County 585.9k Tampa/Hillsborough 33.9k Pinellas County 0.0k Lakeland/Polk 497.8k Orlando 359.5k Jacksonville

Palm Beach County Tampa/Hillsborough

−0.2M -206.3k

0.0 %

5.1M 1.8M 7.0M

Pinellas County Lakeland/Polk

OVERALL VACANCY RATE

YTD LEASING ACTIVITY SF

10.2M Orlando 7.9M

Jacksonville

2.5M

9.5 %

2.1M

10.0%

8.5 %

1.9M

2.0M

8.0 %

7.0 %

6.6 %

6.6 %

RENTAL RATE

6.1 %

1.5M

6.0 %

5.1 %

3.9 %

0.9M

$11.29 DIRECT WTD AVG PSF

$11.32 OVERALL WTD AVG PSF

1.0M

0.7M

4.0 %

0.6M

0.5M

0.5M

2.0 %

0.2M

0.2M

0.0 %

0.0M

$16.94 Miami/Dade $16.66 Broward

$16.91 Miami/Dade $16.63 Broward

$13.33 Palm Beach County $10.23 Tampa/Hillsborough $11.06 Pinellas County $7.63 Lakeland/Polk $9.09 Orlando $7.80 Jacksonville

$13.30 Palm Beach County $10.01 Tampa/Hillsborough $11.06 Pinellas County $7.63 Lakeland/Polk $9.08 Orlando $7.85 Jacksonville

3.8 MSF Construction Completions

16.1 MSF Under Construction

Cushman & Wakefield | Why Florida