The overall vacancy rate for Q3 2020 stood at 7.9%, down 20 basis points (bps) from the previous quarter but increasing 120 bps over Q3 2019.
The third quarter closed with Orlando’s industrial market posting net absorption of 1.7 million sq. ft., bringing the YTD net absorption to 2.7 million sq. ft.
The direct average asking lease rate for Q3 2020 is $7.16 per sq. ft., an increase of $0.28 over the previous quarter and a $0.36 increase over Q3 2019.