WINTER PARK, FL--Rebman Properties Inc. reports Orlando’s bulk warehouse leasing market in the third quarter was quiet for the fifth consecutive quarter.There was 23,245 square feet of net absorption in the 133 surveyed buildings.
"Leasing was nearly at a standstill, although ten
ants continue to renew at their current locations," says Rebman principal Greg Rebman (top right photo). "As a result, existing warehouses are doing better than new construction."
The largest leases for the third quarter were as follows:
Air Traffic Services leased 55,000 s.f. at Liberty Park @ AIPO, Building B;
Scientific Games Corporation leased 45,000 s.f. at Liberty Park @ AIPO, Building B; and
Tommy Hilfiger leased 12,745 s.f. at Exchange I in Orlando Central Park.
Supply
The vacancy rate dropped slightly from 13.90% at end of the second quarter to 13.76% at the end of the third quarter. There were no new buildings added to the survey in the third quarter, but several will be added in the next two quarters.
ants continue to renew at their current locations," says Rebman principal Greg Rebman (top right photo). "As a result, existing warehouses are doing better than new construction."The largest leases for the third quarter were as follows:
Air Traffic Services leased 55,000 s.f. at Liberty Park @ AIPO, Building B;
Scientific Games Corporation leased 45,000 s.f. at Liberty Park @ AIPO, Building B; and
Tommy Hilfiger leased 12,745 s.f. at Exchange I in Orlando Central Park.
Supply
The vacancy rate dropped slightly from 13.90% at end of the second quarter to 13.76% at the end of the third quarter. There were no new buildings added to the survey in the third quarter, but several will be added in the next two quarters.
"Another factor that does not bode well for the market is that there are a rising number of spaces being offered for subl
ease," notes Rebman. "These spaces will, of course, compete with space offered for direct lease."
Rental Rate
The average quoted rental rate for the 133 buildings surveyed is $4.67 psf triple net, which is unchanged from the second quarter.
Construction
Lincoln International Corporate Park’s Building C will be completed in October. Building C is a 141,660 s.f. facility.
ease," notes Rebman. "These spaces will, of course, compete with space offered for direct lease."Rental Rate
The average quoted rental rate for the 133 buildings surveyed is $4.67 psf triple net, which is unchanged from the second quarter.
Construction
Lincoln International Corporate Park’s Building C will be completed in October. Building C is a 141,660 s.f. facility.
Beltway Distribution is under construction at the intersection of Lee Vista
Boulevard and Highway 417 (The Greenway). Slated for completion in January 2009, Building #100 is a 141,810 s.f., rear-load facility; Building #200 is a 145,540 s.f., rear-load; and Building #400 is a 378,600 square foot, cross-dock facility.
Forecast
Rebman says Orlando industrial brokers expressed that tenants are in a “wait-and-see” mode as a result of the volatility and uncertainty in the financial markets.
Boulevard and Highway 417 (The Greenway). Slated for completion in January 2009, Building #100 is a 141,810 s.f., rear-load facility; Building #200 is a 145,540 s.f., rear-load; and Building #400 is a 378,600 square foot, cross-dock facility.Forecast
Rebman says Orlando industrial brokers expressed that tenants are in a “wait-and-see” mode as a result of the volatility and uncertainty in the financial markets.
Existing tenants are continuing to renew at their current locations and as a result, vacancy rates have only been edging up slightly over time. A number of large tenant prospects have been circulating in the market since the beginning of the year, but most have not committed to leases as yet.
CONTACTS:
Greg Rebman, SIOR, CCIM, Rebman Properties Inc., 407 875 8001Lynn G. Bailey Rebman Properties, Inc., a CORFAC International Member, 1014 W. Fairbanks Ave/ , Winter Park, FL 32789 USA. Tel: 407.875.800. Fax: 407.875.8004 lynn@rebmanproperties.com
Corporate Facility Advisors Associated Globally with KingSturge
Corporate Facility Advisors Associated Globally with KingSturge
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