Brevard County CRE Q2 2026: Industrial Vacancy Hits 3.7% While Multifamily Climbs to 13%

Industrial vacancy in Brevard County dropped to 3.7% in Q2 2026, per the Q2 2026 Brevard County CRE market snapshot. That is not a typo. At 3.7%, a landlord does not need to negotiate. Meanwhile, multifamily is sitting at 13.0% vacancy, more than triple the industrial rate and the clear outlier in a county where every other sector is running below 6%. The Brevard County CRE market is telling two completely different stories right now, and which side you are on determines whether you are buying, selling, or holding.

The Q2 2026 data across all four major property types shows a market that has bifurcated. Industrial and office are landlord markets with tight vacancy and firm pricing. Retail is stable. Multifamily is the sector where buyers finally have leverage. Here is what the numbers actually mean for people making decisions in Brevard County this summer.

Industrial: The Tightest Market in Brevard County

The Q2 2026 Brevard County CRE market snapshot shows industrial at $130/SF sale price, 7.0% cap rate, $13.65/SF asking rent, and 3.7% vacancy. This is the tightest sector in the county by a significant margin. At 3.7% vacancy, there is effectively no available industrial space in Brevard. If you need a 10,000 SF warehouse bay tomorrow, you are probably not finding it.

The aerospace supply chain is eating every available bay. L3Harris, Blue Origin, Northrop Grumman, and their Tier 2 and Tier 3 suppliers need space for manufacturing, assembly, and logistics. In deals I have worked in Brevard, industrial users are increasingly willing to sign longer lease terms just to lock in space. That $13.65/SF asking rent is up significantly from two years ago, and landlords are not offering concessions.

A 7.0% cap rate at $130/SF means buyers are paying for stability, not upside. If you are underwriting an industrial acquisition in Brevard right now, you are buying for the income stream. The value-add play is nearly nonexistent because there is no vacancy to lease up.

Office: Healthier Than Expected at 5.1% Vacancy

Per the Q2 2026 Brevard County CRE market snapshot, office is trading at $164/SF with a 7.0% cap rate, $23.44/SF asking rent, and 5.1% vacancy. Office at 5.1% vacancy is healthier than most people expected post-COVID. The Space Coast never had the office exodus that coastal metros experienced because most occupiers here are government contractors and aerospace firms. You cannot build a satellite from your living room.

The $164/SF sale price is stable. The $23.44/SF asking rent is firm. This is not a buyer's market in office. Sellers are not desperate, and tenants are not finding concession packages the way they might in Orlando or Jacksonville. The defense and aerospace concentration in Brevard insulates the office sector from the remote work trends that hammered other markets.

Retail: Premium Pricing at $246/SF

Retail is the most expensive sector on a per-SF basis, per the Q2 2026 Brevard County CRE market snapshot. Sale price sits at $246/SF, cap rate at 6.2%, asking rent at $20.34/SF, and vacancy at 4.4%. The 6.2% cap rate is below industrial and office, which means buyers are paying a premium for the perceived income reliability of stabilized retail.

The 4.4% vacancy rate is healthy. The question with retail is always tenant quality. A NNN lease with a national credit tenant at $246/SF is one story. A mom-and-pop strip center at $246/SF is a completely different risk profile. In our experience with Brevard retail buyers, the smart money is laser-focused on tenant credit and lease term. The headline cap rate means nothing if your anchor tenant can walk in 18 months.

Multifamily: The 13% Vacancy Rate Demands Attention

The Q2 2026 Brevard County CRE market snapshot shows multifamily at $132,136/unit sale price, 8.0% cap rate, $1,635/month asking rent, and 13.0% vacancy. That 13.0% vacancy rate is the number that demands your attention. Every other sector is running below 6%. Multifamily is running more than double the office vacancy rate.

New supply is hitting the Brevard market at the same time that rent growth has stalled. An 8.0% cap rate sounds attractive on paper, and it is the highest cap rate across all four sectors. But that cap rate is calculated on current income, and current income already reflects the 13% vacancy. Buyers underwriting multifamily in Brevard right now need to stress-test what happens at 15-18% vacancy before they close. If your debt service coverage ratio only works at 90% occupancy, you are going to have a problem.

We have seen this play out in Melbourne and Palm Bay over the past year. Properties that penciled at lease-up projections are now sitting with higher vacancy than proforma. The 8.0% cap rate is real, but so is the lease-up risk.

RCRE Take

The Brevard County commercial market is bifurcating. Industrial and office are landlord markets. If you own industrial or office in Brevard, your value is at or near peak. This is the moment to consider your exit strategy. If you are holding for cash flow, that is a valid play, but do not assume cap rates will compress further. They probably will not.

Multifamily is tilting toward buyers for the first time in years. If you have been waiting to acquire multifamily in Brevard, this is the window. The 8.0% cap rate and 13.0% vacancy mean sellers are more negotiable than they were 24 months ago. But only pull the trigger if you can stomach the lease-up risk. This is not a market for inexperienced operators betting on rent growth to bail them out.

Retail sits in the middle. Stable but expensive. The 6.2% cap rate means you are paying for certainty. Make sure that certainty is actually in the lease before you wire funds.

Submarket Context

RCRE works buyers and sellers across all four property types in Brevard County. Our active commercial listings include industrial, office, retail, and multifamily opportunities across Melbourne, Palm Bay, Titusville, and the barrier islands. The Q2 2026 data confirms what we are seeing in deal flow: industrial is moving fast with multiple offers, multifamily is taking longer with more negotiation, and office and retail are steady. Check our resources page for additional market context.

If you are buying, selling, or leasing commercial property in Brevard County, call before you sign anything. Reach Cassandra Hartford at 321-514-0876 or contact us here.

Frequently Asked Questions

What is the current industrial vacancy rate in Brevard County?

Industrial vacancy in Brevard County hit 3.7% in Q2 2026, per the market snapshot data. This is the tightest sector in the county and effectively means no available industrial space for immediate occupancy.

Why is Brevard County multifamily vacancy so high in 2026?

Multifamily vacancy reached 13.0% in Q2 2026 due to new supply hitting the market while rent growth stalled. This is more than triple the industrial vacancy rate and creates lease-up risk for buyers underwriting acquisitions.

What cap rate should I expect for commercial property in Brevard County?

Cap rates in Q2 2026 range from 6.2% for retail to 8.0% for multifamily. Industrial and office both sit at 7.0%. The higher multifamily cap rate reflects the 13.0% vacancy risk already priced into the income.

Is now a good time to buy commercial real estate in Brevard County?

It depends on the sector. Multifamily is tilting toward buyers with negotiable sellers and 8.0% cap rates. Industrial and office are landlord markets with sub-6% vacancy and firm pricing. Buyers have leverage in multifamily but not in the other sectors.

What is the average asking rent for industrial space in Brevard County?

Industrial asking rent in Brevard County is $13.65/SF as of Q2 2026. This is up significantly from two years ago and landlords are not offering concessions given the 3.7% vacancy rate.

Sources

• Q2 2026 Brevard County CRE Market Snapshot: Industry data covering industrial, office, retail, and multifamily sectors across Brevard County, Florida