Orlando's industrial vacancy rate was 9.8%, a slight decrease from second quarter's 10%. A report prepared by Cushman & Wakefield of Florida Inc. says that since mid-year, sublease space has only minimally increased to 1.5% of total available space.
The report indicates that total leasing activity at the third quarter of 2000 was 3.12 million sf while the 2001 numbers show leasing activity at 2.83 million sf. The report predicts that year-end leasing activity will remain close to this number, but still short of 2000's year-end number.
The results of the positive leasing activity is that bigger portions of available space are being absorbed. Net absorption went from a negative 249,366 sf last quarter to a positive 471,028 sf this quarter. Year-to-date, the Orlando industrial market is looking at a negative 598,820 sf net absorption rate.
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