Future Cities

Emerging Industrial Markets: Florida Panhandle

12 Apr 2022

City
With the need to serve a growing population, the Florida Panhandle is experiencing increased demand for warehouse and distribution space by existing businesses undergoing rapid expansion and by new businesses locating to the region. The market can meet both last-mile and regional distribution needs. Although available land is in short supply, there is a concerted infrastructure development program to make new locations viable. The Florida Panhandle market is poised to see tremendous growth as a major facilitator of economic growth in the Southeastern U.S.
Tom WatsonCBRE First Vice President

Demographics

More than 1.7 million people live within 100 miles of the Florida Panhandle region, with a projected growth rate of 3.9% over the next five years. The important 18-to-34 age group accounts for more than 24% of the total population. Within 250 miles, occupiers can reach 14.5 million consumers.

Figure 1: Florida Panhandle Region Population Analysis

Source: CBRE Location Intelligence.

The Florida Panhandle has a warehouse labor force of 8,447, which is forecast to grow by 20% over the next decade, according to CBRE Labor Analytics. The average hourly wage for a non-supervisory warehouse worker is $14.99, which is 1% above the national average.

Figure 2: Florida Panhandle Warehouse & Storage Labor Fundamentals

Source: CBRE Labor Analytics.