· Covers 3Q 2026 · Data as of October 2026 · Ironmark research
Port St. Lucie industrial vacancy was 16.3% in 3Q 2026 (data as of October 2026), and average asking rent was $10.90 per SF per year, according to Ironmark’s 3Q 2026 Port St. Lucie Industrial Brief.
On the Treasure Coast, the vacancy has an address. Vacancy (the share of space that is empty) is 16.3%, up 4.4 percentage points in a year, but the coastal towns run just 4.7%. The empty space sits in a few big buildings inland and in Fort Pierce, where occupied space fell 1.07M SF over 12 months. Across the market, occupied space fell 1.29M SF in 12 months; most of that (about 1.1M SF) was emptied in October 2026, just after the quarter closed. In the third quarter itself, occupied space was up +18.8K SF. Asking rents average $10.90/SF a year; across all buildings, rents rose 2.6% in a year. About 801K SF is being built, most of it one Costco building that is already leased. About $202 million of buildings sold in 12 months, and one buyer paid a 5.1% cap rate (the yearly return from rent, as a % of the price) for small Stuart buildings in a 7.7% market.
See how Port St. Lucie compares with Florida’s other industrial markets in the statewide market data table.
The bottom line: Stuart is full; the very large warehouses are not.
- For tenants: the room is inland and in Fort Pierce, about one-fifth vacant; on the coast, renew early.
- For owners: the coastal towns are 4.7% vacant; very large warehouses compete for a few big users.
- For buyers: small Stuart buildings sold at a 5.1% cap rate; price very large warehouses on the market’s 7.7%.
What happened in Port St. Lucie industrial in 3Q 2026
Four things stood out over the past 12 months: leases ran small, the coast held while big inland and Fort Pierce buildings emptied, rent growth slowed, and one Costco building is most of what is being built.
- Leasing ran small. Hunter Douglas took 108,130 SF at Glades Logistics Park, the only lease over 50,000 SF dated through September. Of the 37 largest leases signed in that window, 27 were under 15,000 SF.
- Martin filled; Fort Pierce emptied. Martin led the six areas: occupied space up 123K SF, with 4.3% vacant. In Fort Pierce, occupied space fell 1.07M SF, leaving it 19.6% vacant; Martin Inland is 68.8% vacant on 2.0M SF.
- Rent growth slowed. Asking rents average about $10.90 per SF a year. Across all buildings, rents rose 2.6% in a year, down from 4.9% in 2025. Coastal rents run about 30% above the market average.
- Costco is most of what is being built. About 801K SF is being built. Costco’s 595,000-SF cold and dry storage building, due in December and already leased, is most of it. Counting smaller projects, seven buildings are going up in Martin (235K SF, 1.9% already leased).
Port St. Lucie industrial by area, 3Q 2026
Vacancy sits north and inland. Ironmark reads the Treasure Coast as three zones. The coastal towns are 4.7% vacant, and occupied space there rose 104K SF in 12 months. The inland corridor (37% of all space) is 21.2% vacant; in North St. Lucie, occupied space fell 1.07M SF.
| Zone | Share of all space | Being built | Occupied space, change over past 12 months | Vacancy rate | Rent vs market average | Share already leased |
|---|---|---|---|---|---|---|
| Coastal towns | 26% | 248K SF | 104K SF | 4.7% | +30% | 7% |
| Inland corridor | 37% | 853K SF | (323K SF) | 21.2% | -7% | 72% |
| North St. Lucie | 37% | 0 | (1.07M SF) | 19.6% | -14% | n/a |
| St. Lucie + Martin overall | 100% | 1.10M SF | (1.29M) SF | 16.3% | — | 58% |
All industrial buildings, St. Lucie and Martin counties, data as of October 2026; zones and totals: Ironmark analysis. Occupied space = space tenants moved into minus space they moved out of over the past 12 months; (parentheses) = down. Rent vs market average = each zone’s rent, weighted by building size, against the market average. Share already leased = share of the space being built that is already leased; n/a = nothing being built. Zones: Coastal towns = Martin, Port St. Lucie, St. Lucie Coastal; Inland corridor = St. Lucie Inland, Martin Inland; North St. Lucie = Fort Pierce. Area figures count every project in the source data, so they total more than the one third-quarter market report used for the headline figure above.
Where you sit sets the vacancy. Martin rents run 34% above the market average, while Fort Pierce and Martin Inland sit about 15% below. Martin Inland is 68.8% vacant on 2.0M SF; Martin and the city of Port St. Lucie sit near 5%. Occupied space rose most in Martin, up 123K SF, while in Fort Pierce it fell 1.07M SF over 12 months.
Port St. Lucie industrial capital markets: sales volume, pricing and cap rates
Buyers paid up for the coast. Treasure Coast industrial buildings sold for $202 million over the past 12 months, in 174 deals averaging 8,500 SF, against a $94.2 million long-run average. The biggest buyer paid coastal prices: NorthBridge spent $30.9 million on seven deals, five of them Stuart buildings bought from one seller at a stated 5.1% cap rate (the yearly return from rent, as a % of the price), against 7.7% for the market. The typical (middle) sale price is $212/SF.
One buyer set the coastal price. NorthBridge’s five Stuart buildings carried a stated 5.1% cap rate; SBDC Holdings, buying with Smith Management, spent $12.7 million on five deals, about $223/SF, including Jensen Beach Flex Park at 98% leased. By area, Martin drew $77 million across 74 deals, Port St. Lucie $48 million across 39 and St. Lucie Inland $39 million across 24. The coast is where investors want to own: Martin drew $77 million of the year’s sales at 4.3% vacancy, while Martin Inland, 68.8% vacant, recorded one small sale. Expect small leased coastal buildings to keep selling at cap rates well below the market’s 7.7%, and very large inland warehouses to sell only once they are leased.
Ironmark’s read on Port St. Lucie industrial
What Ironmark is seeing in the Port St. Lucie industrial market in 3Q 2026, beyond the reported numbers.
“On the Treasure Coast the vacancy has an address: a few big inland and Fort Pierce buildings. On the coast, a small user still has trouble finding a door.”
Take out a handful of very large warehouses and this is a tight market. Martin runs 4.3% vacant, and occupied space there rose 123,000 SF over the year, more than in any other area; the city of Port St. Lucie sits at 5.4%. The slack is concentrated: Martin Inland is 68.8% vacant across 24 buildings averaging 82,000 SF, and Fort Pierce lost 1.07 million SF of occupied space to reach 19.6% vacant. Builders read it the same way: seven buildings totaling 235,000 SF are going up in Martin, 1.9% already leased. For a coastal tenant, start renewal talks early; there is little to move to. For a 100,000 SF user, the inland corridor is where landlords will negotiate. St. Lucie and Martin added 2.1% more residents last year, so the coastal squeeze is not easing.
— Matthew L. Phillips, SIOR · (561) 621-5466
“NorthBridge paid a 5.1% cap rate for small Stuart buildings in a 7.7% market. That spread is a bet that the coast stays full, and the vacancy data backs it so far.”
Over the past year NorthBridge spent $30.9 million on seven Treasure Coast deals, including five Stuart buildings bought from one seller in May at a stated 5.1% cap rate (the yearly return from rent as a % of price). The market rate is 7.7%, so that is coastal pricing, not market pricing. Martin drew $77 million of the $202 million that sold, more than any other area, at 4.3% vacancy. The deals are small: 174 of them, averaging 8,500 SF, and the typical (middle) sale is $212 a foot against a $141 estimated market value. For a coastal owner, this is a window to test the market. For buyers, price big empty warehouses on the 7.7% market rate and today’s vacancy, not on a Stuart sale.
— Troy Schaafsma, SIOR · (561) 621-5489
Frequently Asked Questions
What is the industrial vacancy rate in Port St. Lucie?
Industrial vacancy (the share of space that is empty) across Port St. Lucie and the Treasure Coast (St. Lucie and Martin counties) was 16.3% in 3Q 2026 (data as of October 2026), up 4.4 percentage points in a year, according to Ironmark’s 3Q 2026 Port St. Lucie Industrial Brief. The coastal towns run just 4.7% vacant; the empty space sits in a few big buildings inland and in Fort Pierce.
What does warehouse space rent for in Port St. Lucie?
Average asking rent (what landlords ask) for Treasure Coast industrial space was about $10.90 per SF per year in 3Q 2026, per Ironmark’s 3Q 2026 Port St. Lucie Industrial Brief. Across all buildings, rents rose 2.6% in a year, down from 4.9% in 2025, and Martin County rents run 34% above the market average.
How much industrial space is being built in Port St. Lucie?
About 801K SF of industrial space was being built on the Treasure Coast in 3Q 2026, according to Ironmark’s 3Q 2026 Port St. Lucie Industrial Brief. Costco’s 595,000-SF cold and dry storage building in St. Lucie Inland, due in December and already leased, is most of it.
What are industrial buildings selling for in Port St. Lucie?
The typical (middle) Treasure Coast industrial sale price was $212 per SF across 171 sales over the past 12 months, and the cap rate (the yearly return from rent, as a % of the price) was 7.7%, per Ironmark’s 3Q 2026 Port St. Lucie Industrial Brief. About $202 million of buildings sold, and Martin County drew $77 million of it.
Where is the vacant industrial space on the Treasure Coast?
Mostly inland and in Fort Pierce. Martin Inland is 68.8% vacant on 2.0M SF, and in Fort Pierce occupied space fell 1.07M SF over 12 months, leaving it 19.6% vacant. Across the market, most of the year’s drop in occupied space (about 1.1M SF) came in October 2026, just after the quarter closed. Martin runs 4.3% vacant, according to Ironmark’s 3Q 2026 Port St. Lucie Industrial Brief.
Buying, selling, or leasing in Port St. Lucie? See Ironmark’s Port St. Lucie and St. Lucie County industrial brokerage, or read every Florida market brief.
Get the full Port St. Lucie brief.
The complete PDF includes the zone and area tables, the top sales, leases and buildings being built, the top buyers, and our market outlook. Prepared by Ironmark — free, no obligation.
Ironmark Florida Industrial Brief — Port St. Lucie Edition. Ironmark Capital Advisory’s own analysis and commentary, covering 3Q 2026 (St. Lucie and Martin counties), data as of October 2026. Sources: the third-quarter change in occupied space, the asking rent and the space being built are from CBRE’s Treasure Coast Industrial Figures, Q3 2026 (7 Oct), the only third-quarter brokerage report on this market (same two counties; its asking rent is for space landlords offer directly, a blend of rents quoted with and without the tenant’s share of taxes, insurance and upkeep). Vacancy, the zone and area figures and the project lists cover all industrial buildings, which is why area totals for space being built (1.10M SF) run above the report’s figure. From this edition the headline asking rent is the middle figure of other firms’ third-quarter reports (here, the one report); earlier Ironmark briefs used an estimate covering every building, which runs higher, so the two are not directly comparable. U.S. Census Bureau (St. Lucie and Martin county population, Vintage 2025); U.S. Bureau of Labor Statistics (Port St. Lucie metro area jobs, Sep 2026, preliminary); Ironmark analysis (zones, zone totals, the share already leased by zone, 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.