Kennedy Center Hits 85% Occupancy

ORLANDO-Tampa, FL-based Audio Visual Innovations Inc.’s decision to move from 6,000-sf, five-year-old quarters in suburban Altamonte Springs, FL to 13,400 sf at the 120,000-sf, eight-tenant Kennedy Commerce Center in Orlando’s 13.2-million-sf Northwest- Orange Blossom Trail-Silver Star Road submarket has brought the 20-year-old property up to 85% occupancy.

That’s considered an achievement by Trammell Crow Co. senior associate Jason Kaiser in a sluggish 12-submarket territory where the average vacancy rate is 10% and 10.2% in the Silver Star Road market. Crow’s third-quarter office leasing production reached 100,000 sf.

“I see the first half of 2003 continuing with concessions similar to those from 2002, including free rent and slightly higher tenant improvement dollars for longer term deals that will help to eventually stabilize direct vacancy levels to those of recent years,” Kaiser tells GlobeSt.com. “But overall, the market is slowly showing signs of recovery.”

Average asking rent in the Silver Star market is $7.50 per sf. The value of Audi Visual’s office-flex lease wasn’t disclosed. But area brokers tell GlobeSt.com the lease has an estimated aggregate rent value of $469,000.