ORLANDO, FL--Rebman Properties Inc. reports Orlando’s bulk warehouse leasing market was quiet for the fourth consecutive quarter.
Lynn G. Bailey, Rebman Properties, Inc. A CORFAC International Member, 1014 W. Fairbanks Avenue, Winter Park, FL 32789 USA . Tel: 407.875.8001. Fax: 407.875.8004. Corporate facility advisors associated globally with KingSturge
"In fact, the second quarter was nearly a mirror image of the first," Says Greg Rebman, (top right photo) Vice President of the Winter Park, FL-based real estate company.
There was 111,892 square feet of net absorption in the 133 surveyed buildings (the first quarter had an almost identical absorption of 111,876 square feet).
The half-dozen or so large tenant prospects of 100,000 or more that were circulating the market in the first quarter have yet to land anywhere.
The largest leases for the second quarter were as follows:
Dusobox leased 55,000 s.f. at 1350 Tradeport Drive in AIPO; Europa Sports Products leased 38,994 s.f. at Crownpointe VI; and Brand Connections leased 33,600 s.f. at Sand Lake West 1.
The vacancy rate rose from 12.75% at the end of the first quarter to 13.90% at end of the second quarter. One new building was added to the survey: Beachline Corporate Center
, Building 100, a 360,000 square foot, cross-dock facility at International Corporate Park. Vacancy rates continue their steady rise since their low of 5.37% at the end of the second quarter, 2004.
The average quoted rental rate for the 133 buildings surveyed is $4.67 psf triple net, virtually unchanged from the average of $4.66 psf triple net at the end of the first quarter, and $4.65 psf at year-end, 2007.
Beltway Distribution is under construction at the intersection of Lee Vista Boulevard and Highway 417 (The Greenway). Slated for completion in November, Building #100 is a 141,810 square foot, rear-load facility; Building
#200 is a 145,540 square foot, rear-load; and Building #400 is a 378,600 square foot, cross-dock facility.
Forecast
Orlando industrial brokers generally expressed that the market is quiet, but that renewals are strong. Tenants are tending to stay put so that buildings entering this period with high occupancy rates are keeping their tenants, but new buildings and those with vacancy are struggling to land tenants.
Dusobox leased 55,000 s.f. at 1350 Tradeport Drive in AIPO; Europa Sports Products leased 38,994 s.f. at Crownpointe VI; and Brand Connections leased 33,600 s.f. at Sand Lake West 1.
The vacancy rate rose from 12.75% at the end of the first quarter to 13.90% at end of the second quarter. One new building was added to the survey: Beachline Corporate Center
, Building 100, a 360,000 square foot, cross-dock facility at International Corporate Park. Vacancy rates continue their steady rise since their low of 5.37% at the end of the second quarter, 2004.The average quoted rental rate for the 133 buildings surveyed is $4.67 psf triple net, virtually unchanged from the average of $4.66 psf triple net at the end of the first quarter, and $4.65 psf at year-end, 2007.
Beltway Distribution is under construction at the intersection of Lee Vista Boulevard and Highway 417 (The Greenway). Slated for completion in November, Building #100 is a 141,810 square foot, rear-load facility; Building
#200 is a 145,540 square foot, rear-load; and Building #400 is a 378,600 square foot, cross-dock facility.Forecast
Orlando industrial brokers generally expressed that the market is quiet, but that renewals are strong. Tenants are tending to stay put so that buildings entering this period with high occupancy rates are keeping their tenants, but new buildings and those with vacancy are struggling to land tenants.
CONTACT:
Lynn G. Bailey, Rebman Properties, Inc. A CORFAC International Member, 1014 W. Fairbanks Avenue, Winter Park, FL 32789 USA . Tel: 407.875.8001. Fax: 407.875.8004. Corporate facility advisors associated globally with KingSturge
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