Industrial demand outstripping supply

Over the next five years, Florida's population is expected to grow by 1.3% annually, which could result in an 8-million-square-foot shortfall in the amount of distribution-related real estate required.

That's the conclusion commercial real estate brokerage firm Cushman & Wakefield has reached in its 2017 Florida Logistics Report.

Along the Gulf Coast, the firm describes Tampa as a “powerhouse metro” area, with more than $50 billion in annual retail sales and nearly 74 million square feet of industrial space.

Lakeland, meanwhile, is referred to as an “industrial mecca” along the Interstate 4 corridor and an “excellent location for a regional distribution hub.” The city, with a population of roughly 673,000, generates about $87.6 million in annual retail sales but has 21.3 million square feet of distribution space. Key distributors include Publix Super Markets Inc., Amazon, O'Reilly Auto Parts, Southern Wine & Spirits and others.

Cushman & Wakefield warns, however, that Hillsborough and Polk counties must make “significant capital investment” to alleviate traffic congestion.