ORLANDO-Users of bulk distribution warehouse products have discovered metro Orlando's 14-million-sf, 117-building market and are methodically absorbing the space. Only 770,474 sf is left to lease in a market where new construction has halted after delivering 379,559 sf of new product this year, according to a new industry analysis by Rebman Properties Inc. of Winter Park, FL.

Third-quarter activity brought the market's vacancy to a record low 5.4%, besting the 6.4% record vacancy set at the end of the second quarter, as GlobeSt.com previously reported. "This is now the ninth quarter in a row in which bulk vacancy rates in Orlando have dropped since they reached 16.56% at the end of third quarter 2003," says Greg Rebman, a principal at Rebman Properties.

Net absorption for the third quarter was 134,745 sf. To date, 553,939 sf has been leased. Rebman projects that a total 700,000 sf will be leased for the year. His company has been keeping score on the bulk warehouse market since 1990.

FedEx SmartPost and PetCo held the largest-lease honors for the third quarter. Both took space at Crossroads VI at 501 Gillis Dr. in south Orlando. FedEx SmartPost leased 101,016 sf and PetCo took 52,800 sf, as GlobeSt.com previously reported.

Other large leases included 40,170 sf signed by FedEx Ground and the same amount of space taken by American Woodmark, both at OCC No. 100 at 7830 Southland Blvd. Door to Door Storage leased 43,200 sf at Beeline Distribution No. 2 at 2507 Investors Row.