MIAMI-Some of the lowest industrial vacancy rates are in the Sunshine state. Indeed, four of the top 10 metros Cushman & Wakefield lists in its midyear 2011 statistics for the US industrial market are in Florida.
Lakeland ranks third on CushWake’s list with a 6.7% vacancy rate while Miami rates fifth with 6.9%. The St. Petersburg/Clearwater metro ranked eighth at 7.4% and the nearby Tampa market came in at 8.8%. That compares to the national average of 9.7%, which is down half a percentage point since the first quarter of 2011.
Increases in leasing activity contributed to the decline in vacancy. Year-to-date leasing activity for US industrial markets totaled 144.8 million square feet at midyear 2011, a 14% increase from the 126.6 million square feet leased in the first half of 2010.
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