ORLANDO, FL -- Vacancy dipped in the first half of 2013 and
steady local economic growth, fueled by a recovering housing market, will
sustain a solid recovery in the Orlando office sector this year, according to a
first-half research report from Marcus & Millichap.
Employers in most
private-employment sectors added workers in the first half of the year, and no
single sector dominated. Such widespread hiring, and the clear absence of a
bubble developing in any industry, will keep the office sector on an upward
trajectory in the quarters ahead and mitigate the possibility of a downturn.
Office construction will increase in 2013, but to only half
the average annual level of completions in the metro over the past several
years.
With the current pace of moderate economic growth, the only
office projects likely to proceed from planning to groundbreaking are
build-to-suits or small multi-tenant properties, where the threshold to reach
stabilized occupancy is low.
In fact, the sole
building delivered in the first half came online fully leased, and four
buildings measuring less than 60,000 square feet are slated to come online in
the final two quarters of 2013.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations
Manager
Marcus &
Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
(925) 953-1700 ext.
1716
(510) 999-1284 mobile
(925) 953-1710 fax
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