Diving into the Data
Nee shares high-level numbers on vacancy rates across Florida regions:
Multifamily: Southeast Florida posted the tightest vacancy rates, below 5%, in 3Q 2025. Jacksonville recorded the highest rate at 6.4%, the third highest among major U.S. markets. Vacancy fell by at least 100 basis points year over year in every Florida market except Miami, where vacancy declined by 10 basis points.
Retail: Vacancy remained near 4% across Florida in 3Q 2025, despite a slight year-over-year increase. Miami's retail vacancy rate of 3.4% ranked as the fifth lowest among major U.S. markets.
Industrial: Industrial vacancy rose year over year across all Florida markets as of 3Q 2025, led by Jacksonville, where vacancy increased 290 basis points — the third-largest rise among major U.S. markets. Orlando had the highest industrial vacancy rate in Florida at 9%.
Office: Office vacancy declined year over year in every Florida market except Fort Lauderdale as of 3Q 2025. Jacksonville and Fort Lauderdale posted the highest office vacancy rates near 14%. Miami, Palm Beach and Tampa remain below 12%.