"Three consecutive years of record growth and expansion in Orlando's office market has come to an abrupt end," Andrew McCaw Jr., vice president/office, Grubb & Ellis Co., Orlando, confirms to GlobeSt.com.
The fourth-quarter vacancy level matched the third-quarter performance, a new G&E study shows. But the vacancy curve has been generally upwards since fourth quarter 1999 when vacancies were at 8.3%. By quarter in 2000, they went to 9.7%, 10.2%, 9.9% and 9.3%. First quarter 2001 saw 10.9%, followed by 12.4% in second quarter.
Net absorption for the last quarter of 2001 totaled 62,069 sf versus 403,539 sf in the third quarter. For the year, the market absorbed 926,692 sf, a 54% drop compared to the same period a year ago. The numbers mean there is more space than tenants.
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