Florida warehouse rents soar, but still below 2007 peak

warehouse

Florida’s warehouse tenants are seeing huge rent increases. In Tampa-St. Petersburg, the average asking rent is up 21 percent over the past year, commercial real estate brokerage Cushman & Wakefield reports.

In Palm Beach County, rents are up 19 percent. In fact, every market from Jacksonville to Broward saw double-digit increases in rents. Only Miami-Dade County posted a single-digit increase.

The rising rents reflect both low vacancies and the construction of fancy new space that can command higher prices than older warehouses.

Even so, warehouse rents in much of the state are below boomtime levels. Despite the recent surge, Tampa Bay’s average rent of $5.32 remains below the 2007 level of $6 a square foot. Palm Beach County’s average rent of $8.51 also is below the 2007 mark.

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