CBRE Orlando Presents third-Quarter Office and Industrial Market Reports

ORLANDO, FL--The Orlando office of CB Richard Ellis Group reports the office market vacancy rate locally remains unchanged at 12 percent while industrial vacancy has moved up to 10 percent.

(For a detailed analysis of the office and industrial markets, please contact angelique.greven@cbre.com.)

Industrial Market Highlights

---Orlando area industrial vacancy rate increases to 10 percent.
---Overall weighted average asking lease rates for industrial space is at $7.07 NNN per sq. ft.
---Area industrial development projects includes: Four Corners Business Park, Lakeview Distribution Center, Yeehaw Transportation and Distribution Center, and Publix Distribution Center.

Office Market Highlights

---From July to August of this year, 26,000 Floridians lost their jobs pushing the unemployment rate to the highest level in over a decade.
---After three years of steady increases in average asking rental rates, Metro Orlando experienced a minimal decrease of $0.14 per sq. ft. from $22.33 in the second quarter.
---The total vacancy rate for Metro Orlando remained unchanged at 12.0 percent with Lake Mary and Maitland Center submarkets experiencing the lowest vacancies of 8.0 percent and 10.1 percent, respectively.
---The Lake Mary and South Orlando submarkets experienced the greatest net absorption of 130,551 sq. ft. and 235,528 sq. ft., respectively.

(Bill Moss, bottom left photo, heads the Orlando office of CB Richard Ellis Group.)