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Florida Industrial Market Swimming in Sublease Space

ORLANDO-A new analysis by the Orlando office of Grubb & Ellis Co. shows sublease product at 14 area big-box bulk distribution properties has mushroomed to 3.2 million sf from one million sf in July. Developers have all but abandoned the spec market.

By Alex Finkelstein | Updated on August 28, 2001

ORLANDO-This may be the best time in years for tenants needing big-box bulk distribution space of 100,000 sf or more to cut a once-in-a-lifetime deal with property owners. That is the suggestion of a new analysis by the Orlando office of Grubb & Ellis Co. of the area’s 94.6 million-sf industrial market.

Reason: There is 3.2 million sf of sublease space on the market right now, up from one million sf in July, according to a previously reported study by David Murphy, a senior broker at CB Richard Ellis Inc.

“The bottom line is that it is a great time for large users to negotiate below-market rental rates, and an uncertain time for building owners who face an extended holding period before lease up,” Grubb & Ellis’s Jeff York, vice president, real estate advisory services group, tells GlobeSt.com.

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