Metro Orlando's 13.5-million-sf inventory among 104 buildings improved its fourth-quarter vacancy level to 15.8% from 16% in the third quarter but still ended the year with a negative net absorption total of 85,036 sf. Rebman says the year's total performance represented "the first year of negative absorption" since Rebman Properties began its bulk space survey in 1991. He projects total 2004 absorption will be a positive 500,000 sf.

Property owners leased a total of 28,158 sf in the fourth period "during another very slow quarter of industrial leasing," says Rebman. "The market has clearly picked up steam in sales of industrial buildings, but continues its stagnancy in leasing." Net absorption in the third quarter was 76,000 sf.

The Rebman report shows there is 2.1 million sf of space available for leasing with 203,125 sf of new product under construction. No new space surfaced during 2003.