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This Industrial Market Ends Q3 With 'Impressive' Numbers… Mostly

Developers are now targeting larger users with new spec office.

By Jennifer LeClaire | Updated on November 15, 2017

Downtown Tampa is seeing strong activity. Downtown Tampa is seeing strong activity.

MIAMI—Although the market is finally experiencing a fair amount new speculative development, Trey Carswell, principal at Avison Young, tells GlobeSt.com most of this industrial focus appears to be on larger tenants. By larger he means 200,000 square feet or more.

“Many of the small to mid-size users are forced to find options within existing product, which is becoming quite scarce,” Carswell says. “Although we are definitely seeing rent growth and reduced landlord concessions, the average market rent growth is still somewhat constricted by the absorption of older product which can be weighing down some of the numbers.”

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