Business Park Condo Sales Dent Leasing Activity

ORLANDO-Small business owners, eager to own their own building, are buying more combination industrial-office properties rather than leasing the space these days, according to a new analysis by Maitland-based Rebman Co.

That second-quarter scenario has hurt leasing activity in the 75-building, 7.3-million-sf service center in south Orange County, says Lyle N. Nelsen, a senior Rebman corporate and industrial specialist. “Condo sales for the large users were not near as attractive,” Nelsen says. “If large users were to own their space, they would more likely to build or buy a larger stand-alone building.”

Condo sales have affected the service center market’s overall vacancy level which stands at 12.03%, up from 11.86% in the first quarter. Many of the condo sales are being done at Crownpointe Commerce Park on Sand Lake Road and in other centers along John Young Parkway and Sand Lake Road. The arrival of three new centers and the loss of three major leases also contributed to the rising vacancy rate, Nelsen says.