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| George Livingston |
Ranked as one of Central Florida’s most active developers of
commercial warehouse facilities in Central Florida, Realvest Development has
liquidated much of its assets and is actively seeking specialized development
opportunities.
“Co-Star Group forecasts that demand for quality warehouse
and distribution space will outstrip supply in 2014,” Livingston said,
especially Class A distribution space.
“Speculative development accounts for almost two-thirds of
the 59 million square feet of warehouse and distribution space under way in the
U.S. right now,” Livingston said.
“Warehouse vacancies dropped almost a full percent
nationwide last year and should drop below the 8 percent mark by summer,” Livingston
said. “At the same time fully stabilized properties are selling at about the
same low cap rates we saw at the top of the cycle,” he added.
Among the economic forces spurring new warehouse development
is obsolescence.
“Tenants want modern, efficient space and much of the vacant
space on the market today is older, poorly designed by today’s standards and
ill-equipped to adequately accommodate modern, technology-proficient
operations,” Livingston said.
“Investors are seeking to buy well designed space in markets
that have job and population growth and many areas are turning to new cluster
designs that attract job creators. Those programs also accelerate demand for
new space,” Livingston said.
For a complete copy of the company’s news release, please
contact:
George Livingston, Chairman Emeritus, NAI Realvest.
407-875-9989 glivingston@realvest.com
Larry Vershel, Larry Vershel Communications Inc. 407-644
4142 lvershelco@aol.com
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