Commercial Real Estate | Comm-Ex of Southwest Florida | Lee County office vacancy averages 17.18 % | Net, Absorption, Vacant, Construction, Asking

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Lee County office vacancy averages 17.18 %

May 14, 2008

The first-quarter rate ranges from 7.52% to 34.7%, depending on location, according to NAI Southwest Florida report

First-quarter office market survey for Lee County, by Robert Reynolds, CCIM, and Joe Ferrao of NAI Southwest Florida Inc.

City of Fort Myers

Cape Coral

San Carlos/Estero

South Fort Myers

North Fort Myers

The Islands

Lehigh Acres

Bonita Springs
Total: 2,311,811 s.f.
Vacant: 379,124 s.f.
Vacancy rate: 16.39%
Occupied: 1,932,687 s.f.
Net absorption, current quarter: (17,788) s.f.
Net absorption, last four quarters: (138,405) s.f.
Under construction: 138,000 s.f.
Asking rent: $ 17.14

Lee County total

(1) Vacant space includes both vacant direct and vacant sublease space.
(2) Space under construction includes speculative and build-to-suit for lease projects.
(3) Asking rates are per square foot, per year, triple net. Rates for each building are weighted by the amount of available space within the building.

Total: 15,402,093 s.f.
Vacant: 2,645,720 s.f.
Vacancy rate: 17.18%
Occupied: 12,756,373 s.f.
Net absorption, current quarter: (515,595) s.f.
Net absorption, last four quarters: (746,006) s.f.
Under construction: 678,333 s.f.
Asking rent: $ 16.94Total: 243,649 s.f.
Vacant: 37,587 s.f.
Vacancy rate: 15.42%
Occupied: 206,062 s.f.
Net absorption, current quarter: 1,713 s.f.
Net absorption, last four quarters: 52,631 s.f.
Under construction: 67,280 s.f.
Asking rent: $ 19.25 Total: 139,306 s.f.
Vacant: 10,485 s.f.
Vacancy rate: 7.52%
Occupied: 128,821 s.f.
Net absorption, current quarter: 10,485 s.f.
Net absorption, last four quarters: (10,485) s.f.
Under construction: 0
Asking rent: $ 19.75 Total: 364,661 s.f.
Vacant: 49,592 s.f.
Vacancy rate: 13.59%
Occupied: 315,069 s.f.
Net absorption, current quarter: 18,198 s.f.
Net absorption, last four quarters: (49,592) s.f.
Under construction: 0
Asking rent: $ 17.45 Total: 6,140,519 s.f.
Vacant: 1,108,904 s.f.
Vacancy rate: 18.05%
Occupied: 5,031,615 s.f.
Net absorption, current quarter: (262,127) s.f.
Net absorption, last four quarters: (345,251) s.f.
Under construction: 332,687 s.f.
Asking rent: $ 17.50 Total: 271,395 s.f.
Vacant: 94,198 s.f.
Vacancy rate: 34.70%
Occupied: 177,197 s.f.
Net absorption, current quarter: (9,686) s.f.
Net absorption, last four quarters: 4,284 s.f.
Under construction: 36,904 s.f.
Asking rent: $ 20.09 Total: 2,173,217 s.f.
Vacant: 443,592 s.f.
Vacancy rate: 20.42%
Occupied: 1,729,625 s.f.
Net absorption, current quarter: (70,451) s.f.
Net absorption, last four quarters: (24,800) s.f.
Under construction: 87,462 s.f.
Asking rent: $ 17.54 Total (1, see below): 3,757,535 square feet
Vacant (2): 522,238 s.f.
Vacancy rate: 13.89%
Occupied: 3,235,297 s.f
Net absorption, current quarter: (185,939) s.f.
Net absorption, last four quarters: (234,388) s.f.
Under construction: 16,000 s.f.
Asking rent (3): $ 14.15