ORLANDO-Central Florida's spec-built, multi-tenant 14-million-sf bulk warehouse market continues to flourish as the area's strongest commercial real estate category, ending 2005 with net absorption of 562,869 sf.

That was the best quarterly performance since the record 1.36 million sf of positive absorption was posted in fourth quarter 2004, according to Winter Park-based Rebman Properties Inc.'s quarterly analysis. Total net absorption in 2004 was 554,000 sf.

Vacancy was down to 5.4%, marking the 10th consecutive quarter vacancy has improved, says Rebman senior vice president and principal Greg Rebman. Third-quarter vacancy was 5.47%.

Area industrial brokers point to the zero construction of new product in the entire year of 2005 as a factor in the improved vacancy and absorption numbers. But they tell GlobeSt.com the numbers for 2006 and 2007 may not be as impressive, mainly because of 600,000 sf of new construction proposed over the next 12 months.

The largest leases completed in fourth quarter 2005 were Turnberry Stone, 88,134 sf at ParkSouth E; Armstrong Relocation Service, 58,138 sf at ParkSouth F in OCP South; and the federal government's FEMA agency, 55,135 sf and ABC Wine and Spirits, 55,000 sf, both at 1350 Tradeport Dr. in the AIPO business park at Orlando International Airport.