Lynn Goodman of the Quest Co. represented Dr. Phillips Inc., the Orlando owner of the 18-year-old warehouse property. Dale Clemens of Clemens Real Estate Inc. negotiated for Windoor.
The transaction comes as the Central Florida industrial market has reduced its available sublease space to 775,000 sf from 1.4 million sf in most of 2002. The average asking rent in the Stanhome Way submarket is $4.30 to $5 per sf.
In a new market report, the Orlando office of Cushman & Wakefield Inc. puts the overall industrial vacancy level at 12%, up from 11.5% in 4Q 2002. But an indication the market may gradually be turning around is the amount of gross sf leased--3.9 million sf versus 2.3 million sf in 3Q last year.
Warehouse-distribution leasing is outpacing all other sectors with 3.1 million sf leased in 4Q versus 1.8 million sf in 3Q. Manufacturing space showed a sharp increase with 50,900 sf leased compared to 10,000 sf in 3Q. Office/service space leasing was also up--759,271 sf versus 490,821 sf in 3Q. High-tech space leasing remained at zero in both the third and fourth quarters.
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