Increasing Activity, Optimistic Road Ahead
Although the true long-term impacts of COVID-19 (Coronavirus) across the broader economy remain unknown, the local industrial market in Orlando remained active, albeit cautious heading into the second half of the year. Net absorption registered a negative 536,773 square feet during the quarter, however, many of the
move-outs where tenants relocating in the market to a recently built industrial product. Recently signed lease transactions, which is a precursor to future absorption, increased during the second quarter registering over 2.8 million square feet of recently signed leases and renewals. This represents a 1.4 million square feet increase in total square footage leased compared to the previous quarter.