Colliers Arnold reports that vacancy stays steady, absorption improves

Industrial/flex vacancy in the Sarasota/Manatee metro area remained steady at 5.9 percent in the first quarter compared with the fourth quarter of last year, according to a Colliers Arnold report.

Absorption for the first quarter was 55,037 square feet, compared with negative-101,106 square feet absorbed in the fourth quarter 2007.

No new industrial or flex buildings were completed in the first quarter 2008 but seven buildings, at a total of 253,716 square feet, are currently under construction.

The direct average lease rate for warehouse space in the first quarter was $6.51 per square feet, up from $6.31 for the fourth quarter of 2007. The flex direct average lease rate for the first quarter was $12.13 per square feet, a decrease from $12.28 per square foot in the previous quarter.