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GlobeSt.com SPECIAL: CBRE's Murphy Sees Industrial Rainbow

ORLANDO-Despite 9.7 million sf of total warehouse, distribution, flex product lying vacant in metro Orlando, CB Richard Ellis Inc. broker David Murphy sees a rally coming in the third and fourth quarters, but doesn't expect a full recovery until at least the first period in 2002.

By Alex Finkelstein | Updated on August 10, 2001

ORLANDO-CB Richard Ellis Inc. industrial specialist David Murphy says Central Florida’s sagging industrial market is rallying. Murphy says he is no swami but bases his optimism for the third and fourth quarters on three deals he closed in the past two weeks totaling 108,500 sf.

Murphy did five-year transactions with California-based Cal-East (62,000 sf), CalPERS of Sacramento, CA (26,500 sf) and Adler Group of Miami (20,000 sf).

“Many of the leases we have recently completed or are still being negotiated involve companies which had held off their decisions for several months to assess national economic conditions,” the broker says. “Many of these companies simply could not continue to wait (any longer) so they appraised the strength of the Central Florida economy and decided to move forward.”

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