In Southwest Florida, the industrial sector of the commercial real estate market is leading the pack with newly released data showing a top-three placement for lowest industrial vacancy rates in the nation.
According to a recent Cushman and Wakefield market statistical report, the Naples metro area ranked No. 2 in the nation for the lowest industrial vacancy rates with 4.2 percent overall vacancy. Moreover, Florida claimed three of the top 10 metro areas with the lowest industrial vacancy rates (Lakeland at No. 1, Naples at No. 2, and St. Petersburg/Clearwater at No. 7).
Lee County ranked 38th on the list with a 9.3 percent vacancy rate — slightly higher than the national average of 8.7 percent vacancy.
Improvements in the housing market are widely considered a contributing factor to positive developments in the industrial sector of commercial real estate, not unlike the correlation recognized between growth in employment and positive gains in the office sector.
Both nationally and statewide, prices and home sales increased year over year in August. According to the National Association of Realtors, existing home sales jumped 7.8 percent in August to the highest level in more than two years — the highest level since May of 2010 when sales were fueled by a federal home-buying tax credit.
Southwest Florida’s recovery is undoubtedly well underway, fueled by continued strength and improvement in key fundamental areas which will aid greatly to its overall health and sustainability.
The old adage that the commercial market lags the residential market in both escalation and recovery remains true and our recovery may indeed have been longer than anticipated. New construction drives improvements in the industrial market, and simultaneously lead to significant progress in employment and shifts in primary population — both leading catalysts for immediate gains in the office and retail sectors and the realization of full market recovery.
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