Regions Southeast | Orlando
July 11, 2008
According to reports by Cushman & Wakefield, the office and industrial markets in Metropolitan Orlando did not fare very well in the second quarter. With businesses eager to cut back on expenses as the economy sours, consolidation efforts have been practically de rigueur, leading to a 4.1 percent increase in the overall vacancy rate to 15 percent from midyear 2007. Additionally, the completion of new office space contributed to the overall negative absorption of approximately 259,600 square feet. The numbers for the industrial market were unfavorable, as well. The year-over-year overall average vacancy rate rose 3.2 percent to 8.7 percent, the highest vacancy rate among industrial properties in the Orlando area in three-and-one-half years. Overall absorption was a negative 434,000 square feet. The slowdown in job growth and a sluggish economy are being blamed for the decline.
According to reports by Cushman & Wakefield, the office and industrial markets in Metropolitan Orlando did not fare very well in the second quarter. With businesses eager to cut back on expenses as the economy sours, consolidation efforts have been practically de rigueur, leading to a 4.1 percent increase in the overall vacancy rate to 15 percent from midyear 2007. Additionally, the completion of new office space contributed to the overall negative absorption of approximately 259,600 square feet. The numbers for the industrial market were unfavorable, as well. The year-over-year overall average vacancy rate rose 3.2 percent to 8.7 percent, the highest vacancy rate among industrial properties in the Orlando area in three-and-one-half years. Overall absorption was a negative 434,000 square feet. The slowdown in job growth and a sluggish economy are being blamed for the decline.
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