Full parking lots aren't the only indicator.
Several times in recent months, in the Regular Meeting of the City Commission, residents have pointed out that there are a lot of unused warehouses and light industrial buildings in Plant City—because this is clear from the empty parking lots. This reasoning can also be seen on social media sites in discussions about the growth of Plant City. However, parking lots full of cars are not the only way to tell if a building is occupied.
“The number of parked cars and the activity level outside of an industrial building can vary depending on what type of operation it is,” Steve Morey, President of the Plant City Economic Development Corporation (EDC), said. “Buildings that are fully occupied could have very few cars outside, making the building look underutilized. Some buildings delivered in the last year are still in their initial leasing period, completed in the last 12 months, and are still in the stage of leasing up. From an economic development perspective, we need to have a certain level of vacant space available. To recruit new companies, investment, and jobs, we need someplace for them to go. Additionally, having vacancy allows for our existing employers to expand locally without having to relocate.”
According to the EDC’s data, there is 25.9 million square feet of industrial real estate, of which 1.9 million square feet is vacant. That makes the current industrial vacancy rate in East Hillsborough County/Plant City 7.3%. In terms of industrial real estate, this is a healthy percentage because it strikes a balance between supply and demand. “With the construction of these facilities and the expansion of our industrial base, job growth has outpaced population growth in Plant City,” Morey commented. “The city’s unemployment rate has stayed below the national average, and average wages have grown.”
Central Florida Development owns 13 buildings on County Line Road, with a total of two million square feet. Well-known companies that are using these spaces include Williams-Sonoma and 7-Eleven distribution facilities, and International Paper, which houses equipment that is taken to the field to service and repair machinery at the company’s manufacturing sites. In addition, “We’ve got some multi-billion dollar companies that most people, including me, had never heard of until we did business with them,” Jeff Lucas, who works for Central Florida Development, said. Of the space that Central Florida Development leases, 25 percent is office or manufacturing—specifically, 12 percent is office space.
When asked why businesses are locating in Plant City, Lucas, pointed out three reasons. First, Plant City’s location is in the heart of Central Florida. Second, Plant City is a great place to do business because city government is pro-business and is aligned with local business leadership to help Plant City prosper financially. Third, Central Florida is growing dramatically.
Love large commercial buildings, or hate them—they are being used in Plant City.
