"Land prices have stabilized nationally, but while the trend is also evident in Central Florida, there is a marked shortage of land where development is currently permitted," Livingston tells GlobeSt.com. "Clearly, higher land prices are imminent."

GlobeSt.com research finds average asking prices for dirt in established metro Orlando industrial parks are $2 per sf in sites such as the 1,350-acre Orlando Airport Industrial Park to $12 per sf in high-profile locations such as the 21-year-old, 1,800-acre MetroWest mixed-use development near Universal Orlando.

Livingston also notes construction costs remain high. "Receding labor and lumber costs caused by a leveling off of major construction activity has been more than offset by high prices for petroleum products," the developer says. "The overall cost is declining, however."