Cabot Properties' Franz Colloredo-Mansfeld, Longpoint Realty Partners’ Dwight Angelini, Link Logistics' Luke Petherbridge, Prologis' Hamid Moghadam, and TA Realty’s James O. Buckingham (Cabot Properties, Prologis, TA Realty, Link Logistics, Longpoint Realty)

South Florida’s industrial market took a hit in the fourth quarter of last year, as vacancies rose across the tri-county region, and rents dropped in Broward and Palm Beach counties, according to a recently released report.

Since the pandemic, industrial landlords have reaped the benefits of Florida’s population boom and the need for e-commerce distribution facilities. Asking rents skyrocketed to record levels in recent years, as warehouse owners in all three counties enjoyed occupancy levels above 95 percent.

Yet the last three months of 2024 should give industrial landlords some unease, as rent growth plummeted in Broward and Palm Beach counties, CBRE found. The slowdown is giving tenants some leverage in lease deals with landlords, some experts said.