More commercial vacancy signs go up south of S.R. 408
FLORIDA - Activity in the key south Orlando submarket for commercial service centers and flex-space buildings was slow in the first quarter but even more sluggish in the second, a closely watched survey shows.
The latest report shows a "dramatic slowdown" in leasing and sales among the 106 properties south of State Road 408, said Lyle Nelsen, corporate and industrial specialist for Winter Park-based Rebman Properties Inc.
Nelsen, who has been conducting the confidential survey and aggregating the results for years, said the local vacancy rate rose to 14.4 percent from 12.9 percent in the first quarter. A year ago, the area's vacancy rate was well below 10 percent.
According to the recent quarterly poll of leasing and sales agents, no leases of more than 5,000 square feet were signed during the three-month dry stretch, and only one new building came on line. That building, Southridge VIII on Commerce Park Drive, has 92,978 square feet and is being handling by leasing agent Mike Borling of EastGroup.
The latest report shows a "dramatic slowdown" in leasing and sales among the 106 properties south of State Road 408, said Lyle Nelsen, corporate and industrial specialist for Winter Park-based Rebman Properties Inc.
Nelsen, who has been conducting the confidential survey and aggregating the results for years, said the local vacancy rate rose to 14.4 percent from 12.9 percent in the first quarter. A year ago, the area's vacancy rate was well below 10 percent.
According to the recent quarterly poll of leasing and sales agents, no leases of more than 5,000 square feet were signed during the three-month dry stretch, and only one new building came on line. That building, Southridge VIII on Commerce Park Drive, has 92,978 square feet and is being handling by leasing agent Mike Borling of EastGroup.
