Future Cities

Emerging Industrial Markets: Ocala, Florida

July 27, 2023

Logistics, location and labor are the heartbeat of Ocala’s industrial market as Florida continues to experience significant growth. Ocala is benefiting from a massive influx of interest from developers and investors who are looking to expand their footprint and add sorely needed warehouse and distribution product to serve the region. Out-of-market developers, like Kansas City-based developer Hunt Midwest, are choosing Ocala for their first industrial project in Florida because they recognize the strength of the business environment. Furthermore, the market provides access to four of the state’s six major trucking arteries accounting for 70% of all truck traffic in Florida passing through the region.
Rian SmithSIOR, CBRE Senior Vice President


An estimated 1.5 million people live within 50 miles of Ocala with approximately 20% between 18 and 34 years old. Occupiers can reach 20.7 million consumers within 250 miles of the Ocala region. As of 2022, Florida has become the fastest-growing state in the U.S.

Figure 1: Ocala, FL, Population Analysis

Source: CBRE Location Intelligence.

Ocala’s local warehouse labor force of 5,292 is expected to grow by 14.2% by 2033, according to CBRE Labor Analytics. The average salary for a non-supervisory warehouse worker is $14.48 to $17.28 per hour, depending on job type. The national average currently stands at $17.16. According to the U.S. Bureau of Labor & Statistics as of May 2023, the unemployment rate for Ocala stood at 3.3%—on par with the year-over-year figure—and the overall labor force stood at 152,015, its highest figure ever recorded.

Figure 2: Ocala, FL, Warehouse & Storage Labor Fundamentals

Source: CBRE Labor Analytics.

Emerging Industrial Markets

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