SOUTH FLORIDA DECADE IN REVIEW
Some Good News: The 2010’s proved to be a decade of records for South Florida’s industrial real estate market. At the start of the decade, the region’s overall vacancy rate peaked to 10.7% after seeing 12.3 million square feet of negative absorption beginning in 2007 when impacts of the great recession began. Since the second quarter of 2010, the region saw 39 straight quarters of growth combining for 46.7 million square feet of positive net absorption to close out the decade with a vacancy rate of 4.6%. The 610-basis point drop in vacant space occurred despite the addition of more than 26.1 million square feet of new industrial inventory delivered during the same time period - a testament to the strong market fundamentals which have propelled South Florida’s industrial markets to soar to new heights.