Florida Industrial Real Estate Markets

Melbourne, on Florida’s Space Coast, has the lowest industrial vacancy of the twelve Florida metros Ironmark tracks, at 3.8% in Q2–3Q 2026, followed by Naples in Collier County at 4.7%. Both markets are supply-constrained for different reasons: Space Coast demand runs on aerospace and advanced manufacturing, while Collier County has almost no developable industrial land left. Neither market gives an occupier much choice, and space there tends to trade quietly.

Port St. Lucie, on Florida’s Treasure Coast, carries the highest industrial vacancy of the twelve Florida metros Ironmark tracks, at 11.9% in Q2–3Q 2026, ahead of Fort Myers at 9.9% and Jacksonville at 9.4%. High vacancy on the Treasure Coast is a supply story rather than a demand story — an emerging market absorbing new construction as households and businesses push north from South Florida for lower costs and developable land.

Lakeland and Polk County have the lowest industrial asking rent of the twelve Florida metros Ironmark tracks, about $9.48/SF NNN, with Jacksonville next at $9.94/SF (Q2–3Q 2026). Both markets sell logistics infrastructure rather than coastal land: Lakeland is the I-4 corridor’s big-box distribution spine between Tampa and Orlando, and Jacksonville pairs JAXPORT and Cecil Commerce Center with the lowest cost basis of any major Florida metro.

South Florida industrial rent runs roughly twice Central and North Florida. Miami-Dade asks about $21.01/SF NNN and Palm Beach County $18.37/SF, against $10.29/SF in Orlando, $9.94/SF in Jacksonville, and $9.48/SF in Lakeland (Q2–3Q 2026). Cap rates run the other way: Miami-Dade industrial trades near a 5.9% cap rate while Jacksonville sits around 7.1% and Lakeland around 7.4% — cheaper space, higher yield.

South Florida industrial costs more because developable land is scarce and logistics demand is captive. Miami-Dade is Florida’s gateway market — port and airport logistics plus chronic land scarcity produce the highest rents and lowest cap rates in the state, about $21.01/SF NNN at a 5.9% average cap rate. Palm Beach County is the supply-constrained northern anchor of the same market, where limited developable land keeps well-located product tight at $18.37/SF.

Small-bay industrial space is hardest to find in Tampa Bay’s Pinellas County submarkets, where vacancy runs as low as 1.7%. Most of Tampa Bay’s vacancy sits in older, pre-2000 big-box product while small-bay and modern space stay tight. Orlando shows the same split: the Regency / Turnpike submarket runs about 3.8% vacancy and the 33rd St / McLeod submarket about 5.5%, having seen no new product since 2022.

Florida industrial cap rates range from about 5.9% in Miami-Dade to roughly 8.5% in Sarasota–Bradenton and on the Space Coast, with Jacksonville near 7.1% and Lakeland near 7.4% (Q2–3Q 2026). Gateway South Florida prices tightest, while secondary and Gulf Coast markets carry the widest yield. Any single trade still turns on tenancy, lease term, building quality, and submarket — a parcel-specific valuation is the real number.

Ironmark Capital Advisory covers twelve Florida industrial metros: Miami-Dade, Broward, and Palm Beach County in South Florida; Tampa Bay, Sarasota–Bradenton, Fort Myers, and Naples on the Gulf Coast; Orlando and Lakeland on the I-4 corridor; and Jacksonville, the Space Coast, and the Treasure Coast. Ironmark represents buyers, sellers, landlords, and tenants in every one — warehouse, flex, land, and industrial outdoor storage (IOS).