ORLANDO—There's plenty of talk about Miami—and South Florida—industrial markets. But what happens when you drive further north to Central Florida?
GlobeSt.com caught up with David Murphy, a senior vice president with CBRE Orlando, to get his thoughts on industrial supply and demand and current trends driving the market. Be sure to come back this afternoon for part two of our exclusive interview, where Murphy will discuss what's impacting deal flow and what the future holds.
Globest.com: What's the pulse of industrial supply versus demand for the Central Florida market?
Murphy: The Central Florida market has seen continued positive net absorption of industrial space. This is due to both an increased demand from users and the lack of new product being brought online over the past four years. Our industrial demand has been driven by both expansion of existing tenants and the entry of new users into the market.
GlobeSt.com: What factors and/or trends are driving the market?
Murphy: The ubiquitous nature of e-commerce and the corresponding increase in tenant demand for this type of distribution and fulfillment space is a key driver. The supply chain continues to evolve and Orlando's location in the center of the state bodes well for its emergence as a leader in statewide distribution.
We are also seeing pharmaceutical and other medical related users expanding in our market. Keep your eye on high-tech firms that could migrate to Medical City in the southeast Orange County market. Lake Nona is poised to benefit with its industrial properties as well as office and retail as companies that support the medical, biotech, and high technology industries choose to locate in this area to take advantage of its world class amenities.
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