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ORLANDO-Third-quarter activity in Metro Orlando's eight-million-sf, 90-building service center and flex space market produced a modest net absorption of 65,729 sf compared to a record second quarter of 314,900 sf, according to a new Rebman Properties Inc. survey. However, vacancy at 7.74%, was the second lowest rate since 1986. Second-quarter vacancy was 7.7%. A total 618,643 sf is available for lease.

"All indicators show this [third] quarter was a pause before another strong surge of leasing and sales activity," says Lyle N. Nelsen, corporate industrial specialist at Winter Park-based Rebman Properties. Nelsen has been compiling the market's statistics since 1986. He calls the third-quarter performance "a correction" and says "a number of agents are reporting another surge of leasing activity is building up for the fourth quarter."

Nelsen notes there was "a noticeable drop" in the number of large leases over 5,000 sf in the third quarter. The two over-10,000-sf transactions included the 21,000 sf leased by Floors Inc. at the 33rd Street Industrial Center and the 10,8441 sf taken by Applied Industrial Tech at Southridge IV. Two new flex buildings were added to the Rebman survey in the quarter. They are the 22,300-sf I-4 Commerce Center at I-4 and 33rd Street, and the 76,862-sf DrewTina II at Crownpoint.