Industrial space demand down, vacancy rate inching upward - Orlando Business Journal:

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In all, 580,000 square feet of industriaol space in the region was put back onto the market durinvg thethird quarter, according to data. That propelledf the vacancy rate slightly upto 9.23 percentf from 9.1 percent. That quarterly amoungt of space accounts for the bulkof 838,934 squarwe feet of industrial space that has returned to the market throughout the entire year. In spite of this, rentzs have steadily risen as well as constructiojn of newwarehouse space. Construction is up 83 percent over last year butit hasn’r led to a glut of space hitting the market since most of the project s are built-to-suits.
The South Jersey market, coveriny the counties of Burlingtonand Gloucester, is faring a tad It racked up 534,000 square feet of negative absorptionb so far for the year as companies decides they don’t need space and construction is exceeding Genesis Logistics is settling in as the first tenant at a new speculative building in the Central Crossings Business Park in N.J. The company, a divisiomn of Deutsche Post WorlNet , signed a lease for 60,00o0 square feet at the 120,000-square-foof building off Bordentown Hedding KORS Cos. owns the building and arrangedthe transaction. This is the secondf building in the first phase ofCentralo Crossings, which at build out will totap 2.
3 million square feet on 170 acres. This firstf phase includes a 142,000-square-foot building, whicb has 65,000 square feet remaininfg to be leased, as well as this 120,000-square-foot building that Genesixs leasedspace in, an eventuap twin building. Approvals are in place for an eventualsecondx phase. has added another apartmenty property in the Northeast to its The Gladwyne company boughtMichner Court, a 33-unit compled at 9400-9430 Roosevelt Blvd. for $1.88 The property was 95 percent occupiex atthe time. In the last year or so, Liss has gobbleds up multifamily properties inthe Northeast. It so far owns more than 1,0090 apartments in that area. arranged the latestt transaction.