Industrial Space Begins to Lease Up

ORLANDO-There is 7.6 million sf of vacant industrial space in the metro area’s 73-million-sf inventory, including one million sf of sublet space, but the empty pockets are beginning to fill up, according to a new analysis by the local office of Advantis Commercial Real Estate Services/GVA.

Although 11.8% vacant, the inventory of flex, warehouse and distribution space posted positive net absorption of 808,668 sf in the first quarter. The 4,000-acre Orlando Central Park submarket accounted for 53% of the total absorption.

Lisa M. DeVore, research director at Advantis, calls the net absorption performance “significant” when compared to activity in previous periods. For example, in fourth quarter 2003, about 500,000 sf was leased on a net basis; 100,000 sf in third quarter 2003; 500,000 sf in second quarter; and 800,000 sf in first quarter 2003.