In a sluggish office market environment, he completed $90 million in 2002 deals, leasing 260,000 sf of office product at GranPark at South Park in Central Florida. Flagler Development Co., a subsidiary of St. Augustine, FL-based Florida East Coast Industries Inc., owns the 176-acre park in south Orlando.
Central Florida NAIOP chapter president George D. Livingston applauds Madsen's achievement in a market with third-quarter vacancies of 16.5%, down from 17.2% in the second quarter, according to research from the Orlando office of Grubb & Ellis Co.
"Overall, Orlando seems to be faring better than comparable U.S. markets, but continues to feel the impact of the national economic malaise," Grubb & Ellis' Florida managing director tells GlobeSt.com. "Barring a strong economic recovery in the fourth quarter, there is little expectation for significant improvement in this trend during the next six to nine months."
The National Association of Industrial and Office Properties is a 10,000-member network of 48 state chapters comprised of developers and owners of industrial, office and commercial real estate.
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