Recently, I reviewed Xceligent’s Quarter 2 2017 Industrial Market report. Here are a few highlights:
The unemployment rate decreased 0.6 percentage points (pps) from 4.3% in May 2016 to 3.7% in May 2017.
The total vacancy rate mirrored the previous quarter, posting 4.9% in 2Q 2017 versus 6.2% in 2Q 2016.
Weighted average rent growth continued to improve during 2Q 2017 – especially in warehouse properties in the Silver Star submarket.
Weighted average asking rents of all types increased 9.9% year-over-year, recording $6.33 per square foot (psf) at the close of 2Q 2017.
Warehouse/distribution vacancy rates in the Orlando Central Park, Southeast, and Silver Star submarkets continue to be among the lowest in the State of Florida.
The largest positives (direct) include Geodis at 1401 Tradeport Drive (141,120 SF) and ABC Roofing at 3362 All American Blvd (116,735 SF).
The largest negatives (direct) include Freeman Company moving from Prologis Orlando Central Park South (-242,160 SF) and Auto Boat Storage, Inc. moving from Crossroads Distribution Center Building C (-235,760 SF).