JLL Industrial Team In Orlando Completes 3 Million SF Of Leases In 2016

JLL brokerage team of Senior Vice President Joe Hills and Vice President Josh Lipoff closed 3 million square feet of industrial lease transactions in 2016 totaling a combined value of $105 million. The huge success of this brokerage team is a direct reflection of the overall health of Central Florida’s industrial sector. Absorption continues to outpace delivery, which is contributing to one of the strongest industrial economies in Orlando’s history, JLL’s Q3 2016 Industrial Insight reports. Orlando currently has a vacancy rate of 6.3%, one of its lowest in decades, with an average asking rent of $5.58 per square foot, according to the report. Taking an even deeper dive, Class A industrial vacancy for available space over 100K SF would drop that vacancy rate to below 2%, making things extremely tight in that asset class.  

“Orlando’s industrial market is on fire with record low vacancies and increasing interest from larger uses seeking industrial space,” said JLL’s Joe Hills. “The growing demand for well-located, high-quality space has led to an uptick in construction activity that will only further strengthen the region’s industrial sector in the years ahead.”

One of the most significant deals the Orlando-based team completed last year was a 562,000-square-foot new lease at 19925 Independence Blvd. in Groveland, Florida that the duo negotiated on behalf of Samsung. The global consumer electronics company chose to relocate its existing operations from Jacksonville due to the logistical advantages of being in the center point of the state. The property will serve as Samsung’s new southeast distribution headquarters for the company’s appliance division.  

“It is great to see Orlando’s industrial market benefitting from its strategic location at the epicentre of Florida’s highway systems,” said JLL’s Josh Lipoff. “Big box warehouse tenants have been steadily increasing in numbers over the past few years in Central Florida, which is a very positive sign of things to come within our industry.”

In other notable leases, the team of Hills and Lipoff also advised Essendent with their 400,000-square-foot lease at 2405 Commerce Park Drive. Other significant deals included representing Carrier in a 130,000-square-foot lease renewal for the company’s Florida headquarters for their heating and air conditioning equipment distribution located at 2000 Park Oaks Ave. The brokerage duo also closed a 100,000-square-foot lease renewal at 6800 Kingspointe Parkway on behalf of Graebel Van Lines. Additional transactions included representing Wesco in signing a 54,000-square-foot new lease at the new Bent Oak Industrial Park; negotiating a new 50,000-square-foot lease for Wurth, a leading supplier of top-quality automotive parts, at 3001 Directors Row; and completing a new 40,000-square-foot lease on behalf of Germaire, a wholesale distributer of HVAC equipment and supplies, at 4141 North John Young Parkway.  


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