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MARKET TRENDS
- The industrial vacancy rate in the region rose by 140 basis points over the past year, driven by the addition of 9.0 million square feet (msf) of new space to the market.
- Asking rents fell sharply by 12.9% as landlords lowered expectations amid rising supply and weakened demand.
- Net absorption remains significantly below the five-year quarterly average. As in the prior quarter, the 1.1 msf recorded was largely attributable to a single tenant— Coca-Cola Beverages Florida—occupying a newly-built distribution facility in East Tampa.