This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
FLORIDA INDUSTRIAL
Market Review
David J. Murphy, MAI, SIOR, CCIM
Senior Vice President
Industrial Properties
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
David J. Murphy,
p y, MAI,, SIOR,, CCIM
Senior Vice President
Industrial Properties
 NAIOP of Central Florida Industrial Broker of the Year –
Nine Consecutive Years
 Commercial Property Executive Magazine – Top 10
Emerging Professionals for 2010
 2011 Overall Top Producer, Central Florida Commercial
Association of Realtors
 Named one of the Top 25 Commercial Brokers in
Florida by Real Estate Florida Magazine
 CBRE National Recognition Conference (Top 200)
 CBRE Industrial Advisory Council
CBRE | Page 2
Client’s represented:
Walt Disney
JP M
Morgan
Eastman Kodak
AT&T
Viacom
Siemens
Frito Lay
Lockheed Martin
Universal Studios
R.R. Donnelley
CalEast
First Industrial
Progress
g
Energy
gy
CB Richard Ellis Investors
American General
FiServ
Duke Realty Corp.
RREEF
Cardinal Health
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
Total Vacancy -vs- Average Direct Asking Lease Rate (NNN)
— Total Vacancy
9.4%
— Avg Dir Asking Lease Rate $5.03
Source: CBRE Research - Third Quarter 2012 MarketView
CBRE | Page 3
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
Florida Industrial Market Statistics
Submarket
Building SF
Total
Vacancy
(%)
Miami
209,484,743
5.9
8.9
865,951
2,109,696
391,352
$4.93
Broward
93,422,749
8.0
11.6
(36,256)
228,510
264,074
$6.62
Palm Beach
44,998,586
9.0
12.3
257,100
462,124
0
$6.35
Tampa Bay
135,519,151
9.9
14.1
(75,881)
57,614
47,679
$5.03
34,597,239
13.0
16.7
202,607
894,958
562,000
$4.21
106,259,674
13.5
17.6
842,435
2,581,734
87,814
$5.00
97 711 759
97,711,759
11 9
11.9
16 7
16.7
372 194
372,194
381 568
381,568
0
$3 98
$3.98
State of Florida
Markets
721,993,901
9.4
13.2
2,428,150
6,716,204
1,352,919
$5.03
South Florida
Markets
347,906,078
6.9
10.1
1,086,795
2,800,330
655,426
$5.67
North Florida
Markets
374,087,823
11.7
16.0
1,341,355
3,915,874
697,493
$4.65
Polk
Orlando
Jacksonville
Total
Availability
(%)
Qtrly Net
Absorption
YTD Net
Absorption
Under
Construction
Avg Dir
Asking Lse
Rate (NNN)
Source: CBRE Research - Third Quarter 2012 MarketView
CBRE | Page 4
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
Florida Industrial Avg Direct Asking Lease Rates (NNN)
$5.03
Source: CBRE Research - Third Quarter 2012 MarketView
CBRE | Page 5
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
Florida Industrial Net Absorption: 2012 YTD
SF (Thousands)
6,716 K
Source: CBRE Research - Third Quarter 2012 MarketView
CBRE | Page 6
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
SF (Thousands)
Florida Industrial Completions: 2012 YTD
653 K
Source: CBRE Research - Third Quarter 2012 MarketView
CBRE | Page 7
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
Florida Economic Influence
Source: CBRE Research - Third Quarter 2012 MarketView
CBRE | Page 8
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
Florida’s Third Quarter 2012 Sales
Market
Building
SF
Buyer
Property/Address
Sales Price
Jacksonville
327,400
Bedrosians Tile
8313 Baycenter Road, Jacksonville
Miami
302,825
Stockbridge RE Partners
Aventura Industrial Center/320 NE 187th Street,
Miami
Jacksonville
240,000
Dalfen America Corporation
10089 N Main Street, Jacksonville
Miami
232,500
Stockbridge RE Partners
Sysco Building/555 Northeast 185th Street, Miami
$13,500,000
Palm Beach
220,000
Stockbridge RE Partners
Congress Park Business Center/420 S Congress
Avenue Delray Beach
Avenue,
$8,770,000
Miami
147,740
Codealtex LLC
1600 E 11 Court, Hialeah
Miami
138,000
Terrano Realty Corporation
Avborne/7500-7600 NW 26 Street, Miami
Orlando
120,603
Exeter Financial Group
Lake Mary Business Center/1150 Emma Oaks
Trail,, Lake Maryy
$7,300,000
Tampa Bay
117,234
Brennan Investment Group JV
Gatehouse Bank
Builders FirstSource/1602 Industrial Park Drive,
Plant City
$3,332,800
Miami
116,486
Gramercy Capital Corp JV
Garrison Investment Group
17100 NW 59 Avenue, Hialeah
Broward
100,000
Weeks Robinson Properties
3901 NE 12 Avenue, Pompano Beach
Miami
95,583
Caribbean Investments LLC
4760 NW 165 Street, Hialeah
Miami
77,463
Major Brand
3201 NW 72
Miami
75,000
Terreno Realty Corporation
Source: CBRE Research - Third Quarter 2012 MarketView
CBRE | Page 9
th
$18,700,000
$3,887,500
$5,400,000
th
th
th
th
nd
$7,000,000
$12,100,000
$9,459,077
$3,000,000
$4,400,000
Avenue, Miami
$4,536,000
1401 NW 78 Avenue, Miami
$4,200,000
th
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
Florida 3Q 2012 Sales Volume
Billions
$1,039
,
M
Source: CBRE Research - Third Quarter 2012 MarketView
CBRE | Page 10
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
Florida 3Q 2012 Sales Statistics
2012 YTD
# Deals
Total SF
Volume
$ PSF
Cap Rate
Miami
42
8,250,135
$622,109,343
$75
6.8%
Broward
19
881,308
$73,824,233
$84
9.2%
Palm Beach
8
465,511
$30,933,250
$66
N/A
Tampa
p Bay
y
16
1,956,467
$96,587,790
$49
8.5%
3
949,202
$33,800,000
$36
8.0%
13
2,992,080
$148,700,000
$50
7.7%
6
1,131,963
$33,307,500
$29
N/A
107
16,626,666
$1,039,262,116
$63
7.7%
Polk
Orlando
Jacksonville
State of Florida
Source: CBRE Research - Third Quarter 2012 MarketView
CBRE | Page 11
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
Florida 3Q 2012 Leases
Market
Building SF Tenant
Property/Address
Miami
280,000 Perez Trading
Prologis Gratigny Industrial/11400 NW 32nd Avenue, Miami
Miami
273,000 Schenker Branch
DCT Commerce Center Bldg A & B/1801 NW 135th Avenue, Doral
Tampa Bay
243,903 Highlands Packing Solutions
Gordon/1410 Gordon Food Service, Plant City
Miami
204,000 Aeroturbine
Miramar Centre Business Park/15701 SW 29th Street, Miramar
Tampa Bay
202,500 Coca-Cola Refreshments
Madison Industrial Park/4429 Madison Avenue, Tampa
Miami
139,000 Yusen
International Corporate Park/10200 NW 21st Street, Miami
Jacksonville
129,500 Sams Club
Alta Lakes Industrial Park/2562 Cabot Commerce Circle,
Jacksonville
Orlando
123,553 Shaw Industries, Inc
Orlando Central Park/2900 Titan Row, Orlando
Broward
98,704 Land ‘N” Sea Distribution, Inc
Sample 95 Business Park/3101 N Andrews Ave Ext, Pompano
Beach
Broward
90,243 Florida Supplement, LLC
Miramar Park of Commerce/3700 Commerce Parkway, Miramar
Jacksonville
84,244 JanPak, Inc
Crossroads Distribution Center/6600 Pritchard Road, Jacksonville
Jacksonville
80,000 Monavie LLC
Center Point Business Park/6601 Executive Park Court,
Jacksonville
Jacksonville
56,420
River City Security Services,
Inc
Source: CBRE Research - Third Quarter 2012 MarketView
CBRE | Page 12
Central Park/3728 Philips Highway, Jacksonville
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
Florida 3Q 2012 Leases
YTD
Deliveries
Building
SF
Vacancy
%
Avg
Asking Rate
West Polk
300,000
0.0
N/A
Miami
Airport/Doral
189,906
99.9
$9.25 IG
Southridge Commerce Park
2354 Commerce Park
Orlando
SW Orange
76,158
27.3
Negotiable
Polk
4070 S Pipkin Road
Lakeland
West Polk
59,200
100.0
$
$4.50
NNN
Orlando
6651 Narcoossee Road
Orlando
SE Orange
27,600
93.8
$7.50 MG
Property
City
Submarket
Polk
Rooms To Go Distribution Center
1480 Airport Road
Lakeland
Miami
Beacon Lakes Building 13
12650 NW 25th Street
Orlando
Source: CBRE Research - Third Quarter 2012 MarketView
CBRE | Page 13
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
Florida 3Q 2012 Leases
Building SF
Avg
Asking
Rate
West Polk
562,000
N/A
Miramar
Southwest
Broward
264 074 $7.00
264,074
$7 00 NNN
Flagler Station/10315 NW 112th
Avenue
Miami
Medley
171,680
N/A
Miami
Pan American West Business
Park/1801 NW 135th Avenue
Doral
Airport/Doral
167,200
N/A
Orlando
Southridge Commerce Park/2252
Commerce Park Drive
Orlando
Southwest
Orange
87,814
Negotiable
Tampa Bay
Garba Industrial/4915 Denver Street
Tampa
East Tampa
20,159
N/A
Miami
Silver Palms Business Center/13400
NW 38th Center
Opa Locka
North Central
Dade
16,355
N/A
Tampa Bay
7040 Anderson Road
Tampa
Northwest
Tampa
15,360
N/A
Miami
Silver Palms Business Center/13400
NW 38th Center
Opa Locka
North Central
Dade
14,630
N/A
Tampa Bay
1988 Tampa East Boulevard
Tampa
East Tampa
12 160
12,160
N/A
Miami
10851 NW 24th Street
Doral
Airport/Doral
10,812
N/A
Miami
Silver Palms Business Center/13400
NW 38th Center
Opa Locka
North Central
Dade
10,675
N/A
Under
Construction
Property
City
Submarket
Polk
Publix/3050 New Tampa Highway
Lakeland
Broward
Miramar Centre Business
Park/15701 SW 29th Street
Miami
Source: CBRE Research - Third Quarter 2012 MarketView
CBRE | Page 14
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
Florida Industrial Inventory
Jacksonville
Inventory
Inventory Size
97,711,759
+ 200 MSF
100 MSF – 200
50 MSF – 99
MSF
MSF
Below 50
MSF
Vacancy Asking
%
Rate
11.9% $3.98
NNN
Orlando
Inventory
Tampa
106,259,674
Vacancy % Asking Rate
13.5%
$5.00 NNN
Inventory
Vacancy Asking
%
Rate
135,519,15 9.9%
$5.03
1
NNN
Polk
Inventory
Vacancy Asking
%
Rate
34,597,239 13.0% $4.21 NNN
Palm Beach
Inventory
44,998,586
Miami
Broward
Inventory
Inventory
Vacancy Asking
%
Rate
209,484,743 5.9%
$4.93 NNN
Source: CBRE Research - Third Quarter 2012 MarketView
CBRE | Page 15
Vacancy Asking
%
Rate
9.0%
$6.35
NNN
Vacancy
%
93,422,749 8.0%
Asking
Rate
$6.62 NNN
This document was presented during the 2012 NCREIF Fall Conference.
The author(s) take full responsibility for all content.
This posting is for informational purposes only; neither NCREIF nor its Board express any opinion of the content presented herein.
FLORIDA INDUSTRIAL
David J. Murphy, MAI, SIOR, CCIM
Senior Vice President
Industrial Properties