Substantial New Supply in 2022 Causing Short-Term Rise in Vacancy Rates

In 2022, the Treasure Coast received just over 1.9 million square feet of new supply, mostly in the second half of the year with 1.3 million square feet delivering in the third quarter of 2022 and 513,552 square feet delivering in the fourth quarter of 2022. The flood of new supply has caused vacancy rates to increase 50-basis points year-over-year, ending the fourth quarter of 2022 at 3.7 percent, and net absorption to dip negative totaling negative 98,000 square feet for the year of 2022. Furthermore, the second half of 2022 (when the bulk of new supply delivered) reached negative 150,000 square feet of net absorption. As larger developments like Interstate Crossroads Logistics Center (1 M SF), Kings Logistics Center (664K SF), and South Florida Gateway (1.3 M SF) wrap up construction, a short-term rise in vacancy rates is expected as more space becomes available.

4Q22 Treasure Coast Industrial Market Report

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Verity Mosquera

Research and Consulting Manager

Fort Lauderdale

+1 954 652 4611

As Research and Consulting Manager in the South Florida market, I apply my experience in analytics, leadership and international business to monitor the global economy and make projections that help guide our brokers and clients in strategic decision making. My expertise in both leasing and investment sales ranges across multiple asset types including retail, industrial, office and multifamily.

Prior to joining Colliers, I worked for The Washington Economics Group, Inc., where I led a team of eight economists as Manager of Client Services to prepare detailed economic impact analyses of a number of high-profile transportation and real estate projects in South Florida, including SkyRise Miami and All Aboard Florida. Other notable South Florida clients that I have worked with include Tate Capital, Odebrecht, Miami-Dade Expressway Authority and the International Speedway Corporation. Prior to moving to the United States in 2011, I graduated from law school and was a data analyst for Equity Insurance in Brentwood, UK.

I am active in the commercial real estate community through multiple organizations and committed to strengthening the participation of young leaders in the real estate sector through my current role as Co-Chair of the Urban Land Institute’s Young Leadership Group.

I also have a strong passion for teaching and mentoring students to help prepare them for careers in commercial real estate. I served as an adjunct professor for Miami Dade College School of Business teaching Principles of Management to undergraduate students pursuing their Bachelor’s degree in Business Administration and have recently served as a guest lecturer at Florida International University’s Tibor and Hollo School of Real Estate teaching market research skills to graduate students in the Masters in Science in International Real Estate (MSIRE) program.

While earning my MBA at St. Thomas University, I served as president of Future Business Leaders of America - Phi Beta Lambda and spoke numerously on business and women career issues. St. Thomas University awarded me with the Outstanding Graduate Award and the Women in Leadership Award in recognition of these efforts.

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