Office construction starts in metro Orlando are at their lowest level since the mid-1990s. Seven projects totaling 844,000 sf are all that is in the development pipeline for this year.
"The market is moving toward better equilibrium," Herring tells GlobeSt.com "There is much more discipline in the market this time than during the last recession."
The construction slowdown may be enough to bring down an average vacancy level of 14% among the 12 submarkets tracked quarterly by the Orlando office of Grubb & Ellis Co. Both the third and fourth quarters of 2001 registered that high mark, as 500,000 sf of new product surfaced by year end.
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