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Distribution Hub Sees Bad, Good News in Q3

LAKELAND, FL-Industrial vacancy is up a point from last year, yet is lowest in the state.

By Carl Cronan | Updated on October 21, 2009

LAKELAND, FL-The local industrial market paints a bad-news, good-news picture lately. The bad news is that decreased demand has led to higher vacancy and falling rents. The good news is that the market outshines other industrial centers in Florida.

Vacancy within Lakeland’s measured 6.7% through the third quarter, up a percentage point from a year ago yet lowest among Florida’s largest industrial markets, and net absorption totaled 209,000 square feet, making Lakeland the only market in the state with positive absorption, according to Cushman & Wakefield of Florida. Average asking rents within the state distribution hub are $4.67 per square foot, among the state’s cheapest, yet have fallen at least $1 over the past year.

No new industrial construction is under way in Lakeland, and isn’t likely to add to its 26.4 million square feet of inventory for years to come. A continued lack of new and expansion leasing activity is a cause for concern as to whether the market will remain in positive territory through the rest of 2009, says Rian Smith, an industrial broker with C&W’s Tampa office.

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