Numbers Show for First Time Office Market Is Softening

ORLANDO-Company downsizings, mergers, tenant relocations and two million sf of new office product in the suburbs combined to give metro Orlando its highest quarterly vacancy level in four years, a new Grubb & Ellis Co. study finds.

The 10.3% first-quarter vacancy mark is up from 9.3% in fourth quarter 2000 and could creep higher in the second and third quarters as the amount of subleased space grows and product comes on line, the report indicates.

Grubb & Ellis is the first brokerage locally to pinpoint the softening market but other commercial houses are expected to come to the same conclusion shortly, area brokers tell GlobeSt.com.