That's the first-quarter assessment of Advantis Real Estate Services Co., the locally based brokerage arm of Jacksonville, FL-based St. Joe Co.
The brokerage remains bullish despite a first-quarter vacancy level of 9.3% versus an average 8.7% for all of 2000; net absorption of 1.9 million sf (23,000 sf less than the same 2000 period); and a below average absorption of 1.6 million sf in bulk warehouse product.
"The metro Atlanta industrial market is still in the midst of a growth phase, exemplified by the tremendous level of new development and tenant demand," says John DeCouto, a senior Advantis industrial broker.
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