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Business Observer Friday, Dec. 8, 2017 11 months ago

Market spotlight: Lee County Industrial Market

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Numbers show interesting trend in Southwest Florida.
by: Kevin McQuaid Commercial Real Estate Editor

2.1%

Total industrial vacancy in Lee County as of Sept. 30. That figure compares to 1.7% in all of Southwest Florida -- though Lee County contains the lion's share of industrial space in the three-county area. Eighteen months ago, the vacancy rate in Lee stood at 5.8%, and in the final quarter of 2013, it was 7.9%.

$7.12

Average rental rate per square foot in the county at the end of the third quarter of this year. At the close of 2013, the rate stood at $5.30 per square foot. Regionwide, the rate as of Sept. 30 was $8 per square foot, pushed up by the overall relative lack of industrial space in Collier County.

231,000

Total amount of industrial space in Lee County, in square feet, under construction as of Sept. 30, consisting of three buildings. The largest of the three, at 125,000 square feet, is located at 16311 Lee Road, and is scheduled for completion by mid-2018. Lee County's figure tops that of Charlotte and Collier counties combined.

231,000

Total amount of space pre-leased in the three new industrial buildings currently under construction in the county. Considerable pre-leasing activity is widely considered a sign of a robust market and lack of available inventory.

92,558

Size, in square feet, of the largest new industrial building in the county delivered in the past year. The building, at 9351 Loredo Ave., in Fort Myers, was completed last summer and is more than 27% occupied by Mattress Firm, which leased 25,000 square feet.

274,331

Amount, in square feet, of industrial space absorbed in Lee County in 2017. By comparison, this total exceeded by four times the space Charlotte and Collier counties combined absorbed in the first nine months of the year.

9,300

Amount of space, in square feet, of the largest new industrial lease deal in Lee County in the third quarter of 2017. Cape Coral Indoor Athletics committed to the space at 71 Mid Cape Terrace, in Cape Coral. By comparison, the next-largest lease in the quarter measured just 5,512 square feet.

Source: CoStar Group, as of Sept. 30, 2017

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