Fundamentals Have Improved in Office and Industrial Markets Throughout the State of Florida
ORLANDO, FL, August 18, 2017 — Cushman & Wakefield announced today that it has released its 2Q 2017 Florida Office and Industrial Statistics Reports.
The quarterly reports, authored by Cushman & Wakefield Research, track the performance of office and industrial markets in Florida’s major metropolitan areas. Cushman & Wakefield’s research indicates that office and industrial market fundamentals have improved year-over-year in all Florida markets.
Florida Office Statistics
- The state-wide office vacancy rate is the lowest it has been since the second quarter of 2007.
- New construction remained muted, but activity was rising.
- Statewide, full-service asking rental rates increased 3.8% over the past year to $28.23 per square foot (PSF) with rates for Class A product up 6.2% to $34.28 PSF.
Florida Industrial Statistics
- The current overall vacancy rate of 5.0% is lower than pre-recession levels, dating back to the second quarter of 2007.
- This drop in vacancy is driven by solid demand from logistics and e-commerce companies.
- New construction numbers matched activity levels from 2007.
- Triple Net asking rental rates for warehouse/distribution space increased 1.4% year-over-year to $6.39 PSF.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.