TAMPA, FL—Talk of the Panama Canal and dredging of the Miami River have lit up the industrial market in the Magic City. But Miami is hardly leading the Florida—or the national—charge on the industrial occupancy front.

Yes, industrial real estate is recovering. Cushman & Wakefield reports robust absorption, declining vacancies and rising rental rates in the first quarter of 2014. Supply is tightening, which CushWake figures may have contributed to a slowdown in leasing velocity through January, February, and March, but industrial construction pipeline has ramped up to meet strengthening demand.

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