The Real Industrial Vacancy Rate in Naples - June, 2015
Did you know Collier County is the 5th largest county east of the Mississippi River? It is, of course, home to Naples but also Marco Island, Everglades City, and Immokalee. In Naples proper, industrial leasing is mainly driven by residential construction and growth. Most of the prospective tenants are tradesmen looking to lease 1,000 to 3,000 square feet. However, most local tradesmen looking to lease industrial space are only looking in two primary areas: Pine Ridge Industrial Park and Naples Production Park. These two industrial parks are equally popular because they are west of I-75, usually close to home as well as close to locations being serviced. With the influx of residential building and the return of the trades that service them, vacancy rates are at an all-time low.
There is currently 9,022,883 square feet of buildings in these two industrial parks. However, according to Loopnet, there is only 135,257 square feet available to lease! That is keeping vacancy rates in these two parks at 1.5%! Recognizing that some property owners do their own leasing and we can comfortably say vacancy is probably 2%.
In the upcoming year, you will see some new industrial construction in nearby locations, but not in these parks. There is very limited vacant land for sale. We expect demand to increase as more services are needed.