TAMPA, FL—The US industrial market is hitting on all cylinders. The vacancy rate dipped to its lowest point in nearly 14 years in the closing months of 2014. One Florida city ranks in the top five—and it's not Miami.

According to Cushman & Wakefield, 2014 marked a year of progress punctuated by strong leasing totals, impressive occupancy gains and healthy rent growth. The firm's fourth quarter 2014 research findings reflect the sector's continued expansion.

“The industrial real estate market expansion has been driven, in part, by the ongoing evolution of demand-driven and information-enabled supply chains,” says Cushman & Wakefield's John Morris, leader of Industrial Services for the Americas. “Responding to dynamic changes to how people shop, where they work, and how and where they live, new models and new requirements continue to emerge.