MIAMI—Fourteen consecutive quarters of declining vacancies in the warehouse sector highlight the U.S. industrial real estate market's momentum through the third quarter of 2013. So says Cushman & Wakefield's latest market report, which also reveals that two Florida cities are among the top 10 markets with the lowest industrial vacancy rates.

“Pent-up consumer demand for housing, automobiles, appliances and other less durable goods have translated to increased spending in 2013,” says John Morris, leader of Industrial Services for the Americas. “As corporations respond, we have seen a jump in demand, especially for distribution space.

“With the continued ecommerce boom, online retailers have become the fastest-growing segment of warehouse occupiers. At the same time, traditional brick-and-mortar retailers continue to drive demand as well, with companies like Walmart and Home Depot among the most active.”

In the third quarter, Orange County, CA posted the lowest industrial vacancy rate at 4.4%. But Lakeland, FL, a suburb of Tampa, ranked a close third with 4.9% vacancy and Tampa Florida rounded out the top 10 with 6.9% vacancy. So for all the talk about Miami's hot industrial market other Florida cities are outpacing it on the occupancy front.

“In general, the short-range view of the industrial sector is quite positive,” says Morris. “Barring any additional unforeseen obstacles—like another government shutdown—increased consumer and business spending will likely continue to push the economic recovery forward into 2014.”