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ORLANDO-A growing shortage of developable land in Metro Orlando and the rapid sales of small industrial condo buildings could eat up 600,000 sf of rentable space in the 7.73-million-sf, 84-building service center and flex markets this year. That would bring the product pipeline down to a one-year supply of space by the end of this year, according to a new analysis by Lyle N. Nelsen, the corporate and industrial specialist at Winter Park-based Rebman Properties Inc.

"Crunch time could be coming as more and more of this popular product is absorbed," says Nelsen who has been tracking the local market as a broker and analyst for the past 26 years. "If we absorb another 600,000 sf this year, as we did last year, we'll be down to a one year supply of space." He says "this is especially significant with the critical shortage of industrial land within the Beltway on which to build more space."

Nelsen notes about 1.1 million sf of space for current needs will be available this year from the existing 751,623 sf of vacant space plus new construction this year of 359,357 sf.