Subleased space has swollen to 969,960 sf even as property owners give away free rent of three months to one year on five-year leases. Honors for the worst submarket go to the southwest sector with a 29% vacancy at a time when a paltry 13,000 sf of new product is surfacing.
The University of Central Florida and Orlando Research Park hub turned in the best leasing report card with only 7% vacancy. Net absorption totaled 93,000 sf.
Area brokers are guessing the leasing quagmire will continue through mid-2003.
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