For example, seven out of 10 submarkets monitored show positive net absorption in the 1Q after being negative at the end of 2002. "That number is now down to one, and that is largely the result of a vacant, newly delivered building," says Advantis research director Lisa M. DeVore.
The overall vacancy factor is 9.2 %, down 1.1% from 10.3% in 4Q 2002. Vacant space totals 6.3 million sf. The average asking rent is $5.20 per sf.
"Speculative development activity remains restrained and the former glut of sublease space is slowly beginning to dwindle," says DeVore. Strong 1Q net absorption was recorded in the submarkets of Longwood/Lake Mary/Sanford, Silver Star and South Orlando.
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