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The Fort Myers/Naples industrial market continued to weaken in the third quarter...
November 26, 2008 - Gary Tasman
Weak tenant demand in Southwest Florida will likely persist through at least the next 12 months. However, as excess space is absorbed, we believe rental rates will stabilize and eventually rebound. Not withstanding this fact, it is our opinion that the unemployment picture will begin to improve in the second half of 2009. This will cause an increase demand for industrial space.
Leasing activity in the industrial sector fell significantly in the third quarter of 2008 and is expected to remain below historic levels through the reminder of 2008 and early 2009.
Overall absorption is expected to remain stable over the next few quarters because C & W believes most of the major fallout from the economic downturn has already taken place.
Speculative construction activity should virtually come to a halt in the market due to the decreased demand and increased vacancy.
To learn more about these and other industrial commercial points such as the state of the economy, the overview of the economy and our forecast as well as our market statistics and highlights email me at: email@example.com and ask me to send you the 3rd Quarter MarketBeat. And keep reading my Saturday column in the Cape Coral Daily Breeze. Thanks.
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