2.2M Square Feet of Product Enters Market as Florida’s GDP Hits $1 Trillion Milestone
The sun continues to shine on Central Florida’s industrial real estate market. The second quarter of 2018 marked a period of strong leasing velocity and new developments entering the marketplace. The multi-year trend of demand outstripping supply continued for both leasable space and available industrial investments.
For the past 24 months, the average vacancy rate of the Central Florida market has hovered near 5.0%, even though developers have delivered, on average, nearly 700,000 square feet every quarter. Just between April and June of this year, Central Florida received 2,201,978 square feet of new product, temporarily pushing vacancy above average to 5.2%, due primarily to a few large buildings. The market is expected to fully absorb this new product, which is good news for the area, as more than 2.4 million square feet of space still remains underway
Click the link above to read the rest of the report!