There is an increase in new development as asking rates reach the highest point recorded and vacancy drops to record lows.
- Low availability of space and record high rental rates are two predominant challenges for new and existing tenants within Central Florida.
- Amid vacancy rates at an all-time low, much of the unoccupied smaller blocks of space are either functionally obsolete or of lesser quality.
- During the first three quarters of the year, there was ample “exuberant” capital pursuing industrial land development and building opportunities. As a result, supply of such space was and is at historic highs. Rental rates rose nicely and entitled and improved land values increased, ranging from $250K - to $500K+ per acre.