· Covers 3Q 2026 · Data as of October 2026 · Ironmark research
Melbourne industrial vacancy was 3.4% in 3Q 2026 (data as of October 2026), and average asking rent was $13.71 per SF per year, according to Ironmark’s 3Q 2026 Melbourne Industrial Brief.
Brevard County is tight today and gets tested in 2027. Vacancy (the share of space that is empty) is just 3.4%: only 1.12M SF of 33.3M SF is empty. Over the past 12 months, occupied space was up +292K SF (space tenants moved into, minus space they moved out of), carried by three big leases. Asking rent, an estimate covering every building, rose +2.3% in a year to $13.71/SF a year. Behind that, 2.20M SF is being built, 6.6% of all space, and only 36.8% of it is already leased; all of it is due by July 2027. $208.3 million of buildings sold in 12 months, and users set the price: businesses buying for their own use, or selling and renting back, were half the dollars in the 19 largest sales.
See how Melbourne compares with Florida’s other industrial markets in the statewide market data table.
The bottom line: tight today, tested in 2027.
- For tenants: only 3.4% of space is empty, but 1.39M SF of new space with no tenant opens by July 2027; time your move.
- For owners: renew tenants before 2027, when new space with no tenant will exceed all the empty space today.
- For buyers: users set the price: in half the 19 largest sales, a business bought its own space or sold and rented it back.
What happened in Melbourne industrial in 3Q 2026
Four things stood out in Brevard over the past 12 months: three big leases carried demand, vacancy held at 3.4%, rent growth slowed, and space being built grew to 6.6% of all space.
- Three big leases did the work. Three leases over 100,000 SF totaled 697,000 SF: an undisclosed 376,000 SF and Coastal Mechanical’s 154,000 SF on N John Rodes, and Building Blocks Facades’ 167,000 SF on Nautical Way.
- Little room in any type. Only 1.12M of 33.3M SF is empty. Warehouse/distribution space is 3.4% vacant; flex (small office-and-warehouse units) 4.8%; specialized industrial (mostly plants) 2.0%.
- Rent growth slowed to +2.3%. Asking rent (an estimate covering every building) rose +2.3% in a year to $13.71/SF, after 4.7% in 2025. Flex asks the most, $15.90, and grew fastest, 3.1%; warehouse space asks $12.76.
- New space due by 2027. 21 buildings, 2.20M SF, are being built: 6.6% of all space. 36.8% is already leased, and all are due by July 2027. The average new building is 104,534 SF, five times the 20,233-SF average existing one.
Melbourne industrial by building type, 3Q 2026
Warehouses are half the market. Melbourne is tracked as one area (Brevard County), so Ironmark reads it by building type. Warehouse/distribution buildings are 52% of all space and 62% of the space being built. The 1.39M SF being built with no tenant yet is more than the 1.12M SF empty today.
| Building type | Total space | Being built | Share of all space | Vacant now | Asking rent, $/SF per year | Available (empty or marketed) |
|---|---|---|---|---|---|---|
| Warehouse/distribution | 17.4M SF | 1.36M SF | 52.1% | 3.4% | $12.76 | 7.3% |
| Specialized industrial | 8.3M SF | 764K SF | 25.0% | 2.0% | $13.79 | 9.9% |
| Flex (office/warehouse) | 7.6M SF | 72K SF | 22.9% | 4.8% | $15.90 | 6.2% |
| Melbourne market overall | 33.3M SF | 2.20M SF | 100% | 3.4% | $13.71 | 7.8% |
All industrial buildings, Brevard County, data as of October 2026; building-type groupings and space being built with no tenant yet (being built minus already leased): Ironmark analysis. Vacant now = share of space empty. Asking rent = what landlords ask, an estimate covering every building, $/SF per year. Available = share of space empty, or occupied but marketed for lease. Specialized industrial = manufacturing, cold storage and similar; flex = small office-and-warehouse units.
Flex asks the most at $15.90; specialized industrial ($13.79) and warehouse space ($12.76) sit closer together. Every type is tight: flex is the loosest at 4.8%, specialized industrial the tightest at 2.0%. Warehouse space is 1.36M SF of the space being built, and specialized industrial adds 764K SF.
Melbourne industrial capital markets: sales volume, pricing and cap rates
Users set the price. Brevard industrial buildings sold for $208.3 million over the past 12 months, more than three times the $59.8 million long-run average. Most sales are small: the typical (middle) sale was a 10,370-SF building that sold for $1.65 million. The estimated market value is $141/SF, up 6.5% in a year. The cap rate (the yearly return from rent, as a % of the price) is 8.2%, and the typical sale price is $149/SF.
Users bought their own space. Knights Armament paid $10.95 million, about $208/SF, in one deal, and Blue Origin $10.35 million, about $178/SF, across two. Businesses buying for their own use, or selling and renting back, were half the dollars in the 19 largest sales through September. By building type, warehouse/distribution buildings drew $134 million of the dollars sold, specialized industrial $37.1 million and flex about $37 million. Expect businesses buying for their own use to keep bidding strongly while the space and defense economy hires: metro manufacturing jobs rose 2.0% in a year, against 0.2% for all jobs. For investors, the way in is buying from a business that rents the building back; GenH2’s two Titusville buildings sold that way at an 8.2% cap rate. The new buildings finishing in 2027 will give large investors modern buildings to buy once tenants move in.
Ironmark’s read on Melbourne industrial
What Ironmark is seeing in the Melbourne industrial market in 3Q 2026, beyond the reported numbers.
“Brevard has more space being built with no tenant than vacant space in the whole market. This 3.4%-vacant market gets its real test in the first half of 2027.”
A tenant looking in Brevard today has little to choose from: 1.12 million SF is vacant across 33.3 million SF. Behind that, 21 buildings totaling 2.2 million SF are going up, all due by July 2027, and only 36.8% is already leased. That leaves about 1.39 million SF looking for tenants. The two leases signed on N John Rodes, 376,000 SF and Coastal Mechanical’s 154,000 SF, match Harbour Logistics’ two buildings there. Occupied space rose 292,000 SF over the past year; at that pace, that is close to five years of demand. Owners of existing buildings: renew now, while tenants have few alternatives. Tenants needing 50,000 SF or more in 2027: the new buildings will compete for you.
— Matthew L. Phillips, SIOR · (561) 621-5466
“On the Space Coast, the strongest bid often comes from the tenant. Half the dollars in the 19 largest sales went to businesses buying for their own use, or selling and renting back.”
Four of Brevard’s five largest sales through September were deals by the businesses that use them. Knights Armament paid $10.95 million, $208 a foot, for a vacant 52,526-SF building in Titusville; Blue Origin paid $8.6 million, $178 a foot, for 850 Cidco Rd in Cocoa; Acadian Contractors bought 1060 Cox Rd; and CNC Cabinets sold 560 Distribution Dr and rented it back. GenH2 did the same on two Titusville buildings at an 8.2% cap rate (the yearly return from rent as a % of price). The largest investor purchase, Seastone Capital’s $18.65 million for a building leased to Northrop Grumman, came in at $174 a foot. For owners, the deepest bid may be your own tenant or a space-economy user that wants to own. Market to them first. For investors, buying from a business that rents the building back is the way in.
— Troy Schaafsma, SIOR · (561) 621-5489
Frequently Asked Questions
What is the industrial vacancy rate in Melbourne?
Industrial vacancy (the share of space that is empty) in Melbourne and Brevard County was 3.4% in 3Q 2026 (data as of October 2026), down 0.2 percentage points in a year, according to Ironmark’s 3Q 2026 Melbourne Industrial Brief. Only 1.12M SF of 33.3M SF is empty, and specialized industrial (mostly plants) is the tightest type at 2.0% vacant.
What does warehouse space rent for in Melbourne?
Asking rent (what landlords ask) for Brevard County industrial space was about $13.71 per SF per year in 3Q 2026, an estimate covering every building, up +2.3% in a year, per Ironmark’s 3Q 2026 Melbourne Industrial Brief. Flex space (small office-and-warehouse units) asks the most at $15.90 and warehouse/distribution space $12.76. No third-quarter brokerage report covers Brevard County.
How much industrial space is being built in Melbourne?
Brevard County had 2.20M SF of industrial space being built in 3Q 2026 across 21 buildings, 6.6% of all space, and only 36.8% of it is already leased, according to Ironmark’s 3Q 2026 Melbourne Industrial Brief. That leaves about 1.39M SF with no tenant yet, all due by July 2027.
What are industrial buildings selling for in Melbourne?
The typical (middle) Melbourne industrial sale price was $149 per SF across 106 sales over the past 12 months, and the cap rate (the yearly return from rent, as a % of the price) was 8.2%, per Ironmark’s 3Q 2026 Melbourne Industrial Brief. About $208.3 million of buildings sold, and businesses buying for their own use, or selling and renting back, were half the dollars in the 19 largest sales.
Did occupied industrial space grow in Melbourne over the past year?
Yes. Occupied space in Brevard County was up +292K SF over the 12 months to October 2026 (space tenants moved into, minus space they moved out of), according to Ironmark’s 3Q 2026 Melbourne Industrial Brief, below the 313K SF long-run average. Three leases over 100,000 SF totaled 697,000 SF.
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Ironmark Florida Industrial Brief — Melbourne Edition. Ironmark Capital Advisory’s own analysis and commentary, covering 3Q 2026 (Brevard County), data as of October 2026. Sources: no third-quarter 2026 brokerage report covers Brevard County (we checked the national and Florida brokerage research pages in late October 2026). Elsewhere, Ironmark’s headline figure for space being built is the middle figure of other firms’ third-quarter reports; with none here, every headline figure covers all industrial buildings: the asking rent shown is an estimate covering every building, not an average of listed spaces, and occupied space is the 12-month change; U.S. Bureau of Labor Statistics (Palm Bay-Melbourne-Titusville metro area manufacturing and total nonfarm jobs, Sep 2026, preliminary); Ironmark analysis (building-type reading, the space being built with no tenant yet, the share of sales made by businesses buying for their own use, commentary and the principals’ takes). Figures are believed reliable but not guaranteed; informational only and not tax, legal, or investment advice. © 2026 Ironmark Capital Advisory. Main line (561) 621-5450.