Q1 2016 Cite Partners Central Florida Industrial Market Report

CONSISTENT CONSISTENCY

The industrial market in Central Florida continues to hum. Posting a 10th straight quarter of positive absorption, construction has just begun to catch up with the overwhelming demand from users for Class A industrial space. Interestingly, however, it feels as if we are still lacking new bulk space with the amenities that many users need such as higher clear height, trailer storage, and easy access to highways.

To view the Central Florida Industrial Market Report in its entirety, please click below:

Cite Partners Industrial Market Report 2016-Q1

Q4 2015 Cite Partners Central Florida Office Market Report

Now that calendar year 2015 is behind us, we reflect back on the progress made within the Central Florida office market. The 12-month time period of the past calendar year saw many exciting transactions that helped to shape the direction of the year, including Red Lobster moving their Headquarter facility to Downtown Orlando……Deloitte moved into a 130,000 square foot office facility in Lake Mary….CNA announced plans to relocate from Maitland Center to a new 108,000 square foot space in Lake Mary…..the emergence of the tech-industry in Orlando literally placing Orlando on the map in the technology-sector…….new construction started in the Central Florida Research Park on a spec office building by Equity Partners – that’s right, I said spec development. There were not many reasons for those commercial real estate professionals involved in the Office Sector to complain.

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Cite Partners Office Market Report 2015-Q4

Q4 2015 Cite Partners Central Florida Industrial Market Report

WHAT A YEAR IT WAS!

2015 came to a close on a high note.  The activity was brisk through the end of the year despite Christmas and New Years taking up two weeks of December.  Activity in the month of December had historically been a good indicator of activity in the upcoming year so we are optimistic that 2016 should be as strong as 2015.

To view the Central Florida Industrial Market Report in its entirety, please click below:

Cite Partners Industrial Market Report 2015-Q4

Q3 2015 Cite Partners Central Florida Industrial Market Report

ROUNDING THE CORNER AND HEADING TOWARD A STRONG FINISH

The summer ended up very strong as activity has continued to be consistent through 2015.  Typically summers in Florida are slower than usual as the temperature rises, decision makers take family vacations, and deals seem to slow down; however, this quarter was quite different.

To view the Central Florida Industrial Market Report in its entirety, please click below:

Cite Partners Industrial Market Report 2015-Q3

Q2 2015 Cite Partners Central Florida Office Market Report

CONTINUED PROGRESS IN THE OFFICE MARKET

The Central Florida Office Market continues to find its footing as the overall statistics continue to show improvement in most submarkets. Overall absorption was once again very healthy, as the Central Florida office market saw its 11th straight quarter of positive absorption. Additionally, the average rental rate has jumped the $21.00 per square foot level, marking its highest point of this recovery cycle. With no substantial new construction in place as of this time, the trend of positive absorption and rental rate growth should continue.

Cite Partners Office Market Report 2015-Q2

Q2 2015 Cite Partners Central Florida Industrial Market Report

CATCHING FIRE

The industrial market in Central Florida is about as hot as the weather outside.  Activity across all segments of the market has been robust with all building classes seeing a significant amount of interest, especially well located, highly functional Class A and B properties.  All indicators look positive and the market does not seem to be overbuilt.

To view the Central Florida Industrial Market Report in its entirety, please click below:

Cite Partners Industrial Market Report 2015-Q2

Q1 2015 Cite Partners Office Market Report

PICKING UP STEAM

The Central Florida office market continues to show serious signs of improvement in the first quarter of 2015 – continuing the positive feelings that we were almost reluctantly feeling through 2014. Businesses are being proactive in their real estate decisions and again are looking to grow. The overall vacancy is almost a full percentage point lower than this time one-year ago, and the first quarter of 2015 saw nearly 250,000 square feet of positive absorption. Additionally, the average asking rental rate for office within the Central Florida area rose nearly $0.40 per square foot in the first quarter, and is a full $0.60 per square foot higher than this time one-year ago. Landlords are feeling confident again; leasing incentives are waning; there is talk of new construction due to a lack of space; and buyers are very active in markets such as Orlando that were once considered secondary markets to institutional investors.

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Cite Partners Office Market Report 2015-Q1

Q1 2015 Cite Partners Industrial Market Report

PICKING UP STEAM

The Central Florida industrial market has significantly recovered over the last 18 months as absorption was positive again for the sixth straight quarter.  Activity seems to be maintaining a consistent pace as Class A, B and C buildings are all seeing activity.  Organic growth from existing companies created most of the activity in 2014; however, looking forward into 2015, it seems there is an even amount of organic and new incoming activity.

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Cite Partners Industrial Market Report 2015-Q1

 

Q4 2014 Cite Partners Industrial Market Report

POISED FOR GROWTH

The fourth quarter of 2014 was characterized by organic growth.  Looking back over the entire year, most of the activity across the industrial market has been from existing tenants growing their footprint in Central Florida.  Towards the end of the year, many developers were finishing several spec buildings and build-to-suits.  While vacancy is still off from historic lows in 2007, the market is continuing to strengthen with some slight rent growth and positive absorption.

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Cite Partners Industrial Market Report 2014-Q4

Q3 2014 Cite Partners Industrial Market Report

QUIETLY STRONG

When talking to other brokers and owners in the market this quarter, many spoke of the slow down during the summer; however, when looking at the statistics, the Central Florida industrial market continues to post healthy numbers. We wonder if most people are still jaded by the difficult downturn over the last six years and have not picked their head up to realize that the market appears to be on solid footing. Vacancy is continuing to slide downward, absorption is positive again, and new construction does not appear to be out of control. We have seen healthy velocity in the market and have spoken to more tenants/buyers looking to expand rather than contract.

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Cite Partners Industrial Market Report 2014-Q3