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Florida Panhandle Report - H2 2023

March 13, 2024 5 Minute Read

The seizing up of capital markets last year is evident in the profound decline in property trades in 2023, which were down nearly 50% year over year. However, market conditions at the street level remain very healthy throughout Northwest Florida.
The office market saw positive absorption of over 21,500 sq. ft. occurred in the Panhandle during H2 2023 with Pensacola and Tallahassee totals leading the way.
The region’s industrial market conditions remain very healthy with 812,015 sq. ft. of positive absorption during the second half of 2023 and trailing 12-month absorption of 880,358 sq. ft, resulting in vacancy rates at just 2.6% for the Panhandle overall.
Retail market conditions in Northwest Florida remain very strong, with tight vacancy, healthy absorption of new inventory, and a modest level of new development under way in almost every market area in the Panhandle.