ORLANDO, FL--The Orlando office of GVA Advantis presents its third-quarter reports on metro's office and industrial markets.For complete copies of the reports, please contact Shelli H. Browning, Director of Research and Marketing, GVA Advantis, Orlando, at SBrowning@gvaadvantis.com.
Industrial Market Highlights
· $6.42 Overall average asking lease rate on vacant industrial space in Orlando
· 739,093 Total square feet of 20,000sf+ industrial space currently under construction
· 1,146,570 Total square footage available for subleasing in all 11 submarkets, approximately 45% of which is located in the
Airport/Southeast Orlando submarket
· 1,232 Number of industrial buildings at 20,000sf+ being tracked in Orlando’s 11 submarkets
· $66.83 Average price per square foot paid for seven Orlando area industrial properties sold during 3Q08, down from $89.32 in 2Q08
· 739,093 Total square feet of 20,000sf+ industrial space currently under construction
· 1,146,570 Total square footage available for subleasing in all 11 submarkets, approximately 45% of which is located in the
Airport/Southeast Orlando submarket· 1,232 Number of industrial buildings at 20,000sf+ being tracked in Orlando’s 11 submarkets
· $66.83 Average price per square foot paid for seven Orlando area industrial properties sold during 3Q08, down from $89.32 in 2Q08
(Atlas Commerce Center, 11176 Boggy Creek Road, South Orlando, top left photo)
Investment Summary
Sales activity was extremely light in the third quarter for the industrial sector. Industrial property sales totaled $26,640,000 and averaging around $67 per square foot. This is down significantly from the second quarter’s $40 million in transactions that averaged approximately $89 per square foot, and represents a little over 50 percent of first-quarter sales transactions. The total sales represent approximately 92 percent of the original collective asking price of the six properties.
Office Market Highlights
Investment Summary
Sales activity was extremely light in the third quarter for the industrial sector. Industrial property sales totaled $26,640,000 and averaging around $67 per square foot. This is down significantly from the second quarter’s $40 million in transactions that averaged approximately $89 per square foot, and represents a little over 50 percent of first-quarter sales transactions. The total sales represent approximately 92 percent of the original collective asking price of the six properties.
Office Market Highlights
(SoDo mixed-use project in South Downtown Orlando, bottom right rendering)
· $24.76 Class A overall average asking lease rate on direct vacant space in Orlando
· 199,681 Total square feet space leased in the 3rd quarter comprising 15 transactions each of at least 5,000 SF
· 265,561 Fewer square feet of vacancy available for lease in the Lake Mary/Heathrow/Sanford submarket over 2Q08
· 543 Number of office buildings at 15,000 SF+ being tracked in Orlando’s 12 submarkets
· $178.50 Average price per square foot paid for eight Orlando area office properties sold during 3Q08
· $24.76 Class A overall average asking lease rate on direct vacant space in Orlando
· 199,681 Total square feet space leased in the 3rd quarter comprising 15 transactions each of at least 5,000 SF
· 265,561 Fewer square feet of vacancy available for lease in the Lake Mary/Heathrow/Sanford submarket over 2Q08
· 543 Number of office buildings at 15,000 SF+ being tracked in Orlando’s 12 submarkets
· $178.50 Average price per square foot paid for eight Orlando area office properties sold during 3Q08
(Discovery Tech Center II, 2710 Discovery Drive, Orlando, top right photo)
Investment Summary
In yet another sign of economic paralysis, sales transactions for the third quarter totaled only $58.6 million for eight properties. Conversely, per square foot totals were higher at $178.50 versus $153.00 in the second quarter. Year to date, office property investment sales totaled approximately $238.3 million.
Investment Summary
In yet another sign of economic paralysis, sales transactions for the third quarter totaled only $58.6 million for eight properties. Conversely, per square foot totals were higher at $178.50 versus $153.00 in the second quarter. Year to date, office property investment sales totaled approximately $238.3 million.
Total sales in 2007 reached $783 million, which fell short of the record years of 2004 and 2005, so overall investment activity has suffered significantly and fallen dramatically in a short period of time. Per square foot sales peaked in 2007 at $209.11, which earned Orlando the number 2 spot in the Southeast region.
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