More encouraging news for the local real-estate market: Preliminary numbers for Orlando’s industrial segment show that the amount of available space dipped by 600,000 square feet during the second quarter. It’s the first evidence of a tightening since late last year, a sign that vacancies could be stabilizing.

That’s the early reading from David Murphy, senior vice president in the Orlando office of CB Richard Ellis, the California-based commercial real-estate giant.

“After two consecutive quarters of slow activity, the industrial market in Central Florida appears to have a heartbeat,” Murphy told the Orlando Sentinel. Lower prices are driving sales and, despite the global credit crunch, “financing is readily available for industrial users,” he said.

Tracking sales

Murphy’s study tracked sales of industrial buildings larger than 10,000 square feet and found 46 sales during the first half of this year in Orange and Seminole counties. That was down from 65 in the same period a year ago. Year-over-year decline: 29 percent. The average sales price so far this year is $54.96 a square foot, down from $65.50. Year-over-year decline: 16 percent.

Source

This entry was posted on Friday, June 20th, 2008 at 7:20 pm and is filed under Real Estate. Tags: California CB Richard Ellis David Murphy Florida Le Spa Murphy Orange Orlando Orlando Sentinel Reading Richard Ellis Sentinel . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.