More good news for the less-publicized industrial market comes from Greg Rebman, vice president of Rebman Properties. He had projected a total one million sf of net absorption for all of 2004 but the final figure came in at more than 1.3 million sf.
The 6.89% vacancy rate in the 115 non-owner-occupied bulk warehouse buildings was the lowest since the Rebman survey was first published 14 years ago. "There was strong leasing of all sizes of space, from small to large," Rebman says.
The largest fourth-quarter leases were Walgreen's lease of 201,600 sf at 7575 Chancellor Dr. in Orlando Central Park; Staton Holdings' lease of 164,640 sf at 1091 Gills Dr.; and Roofing Supply's lease of 56,000 sf at 2300 Principal Row in OCP South.
"The industrial market performance during 2004 bodes well for 2005, and it is expected that there will be more completions of new speculative warehouse space in Central Florida this year than during 2004," Rebman says.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.