The 4.5 million-sf Bee Line submarket, second largest in Central Florida, is showing a direct vacancy rate of 24.12% with one million vacant sf and a third-quarter net absorption of 185,136 sf. But that number is an improvement from a 28.37% vacancy mark at year end 2001.
The largest submarket, the 10-million-sf Orlando Central Park/Sand Lake West market is at a 13.7% vacancy level with a negative net absorption of 377,617 sf.
"Orlando's industrial real estate market continues to be affected by escalating vacancy rates, negative net absorption and a declining rental rate," Crow research analyst Lisa M. DeVore says in her report.
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