(Orlando night skyline photo above)ORLANDO, FL--CBRE Orlando has released its first quarter 2008 MarketView Reports on the office and industrial markets in Central Florida. Highlights of those reports are below. For a detailed copy of the reports, please contact Jessica Wilhoite at jessica.wilhoite@cbremarketing.com.
Office Market
Sublease inventory doubled since 2007.
Investment Sales down in first quarter.
Average Asking Rents have risen from $20.52 to $22.24 in the last two years. A decrease is projected in the near future.
Demand for office condos has evaporated.
Capital for commercial real estate is still readily available but on a more conservative basis.
Industrial Market
AMB Property Corporation has plans to break ground late 2008 at Orlando Airport Park.
Interest rates are still attractive.
Central Florida remains an economically over performing metro area.
2.5 million square feet of industrial projects are under construction.
Overall vacancy rates at 8.8%.
Sublease inventory doubled since 2007.
Investment Sales down in first quarter.
Average Asking Rents have risen from $20.52 to $22.24 in the last two years. A decrease is projected in the near future.
Demand for office condos has evaporated.
Capital for commercial real estate is still readily available but on a more conservative basis.
Industrial Market
AMB Property Corporation has plans to break ground late 2008 at Orlando Airport Park.
Interest rates are still attractive.
Central Florida remains an economically over performing metro area.
2.5 million square feet of industrial projects are under construction.
Overall vacancy rates at 8.8%.
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