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 Data |
| Metropolitan Area's Office Vacancy Rates |
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| Source: CB Richard Ellis |
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| Data |
| Industrial Vacancy Rates |
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| Source: CB Richard Ellis |
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Data and Analysis
Construction and Real Estate
Nonresidential
March 2008
According to Dodge Construction potentials, planned nonresidential development in the District, in terms of square footage, continued to moderate during January on a year-over-year basis. Weakness continued to be largely driven by declines in Florida. However, elsewhere in the District planned activity also slowed. Based on these numbers, District construction activity will continue to slow through the first half of the year.
According to data from CB Richard Ellis, fourth quarter 2007 vacancy report activity varied around the District. The Atlanta office vacancy rate edged up from already high levels while Fort Lauderdale, Nashville, Palm Beach County, and Tampa markets experienced rising vacancy rates but from relatively lower levels. However, Fort Lauderdale, Tampa, and Palm Beach County have been trending upward for several quarters now. Elsewhere in the District, vacancy rates remained fairly steady.
Furthermore, industrial vacancy rates were steady in Atlanta, Nashville, and Orlando while rates were trending up in Jacksonville, Tampa, and South Florida.
Reports from contractors indicated that District commercial development during January and February was flat to slightly down on a year-over-year basis. Nearly half of our contacts reported that backlogs were similar to a year earlier, but modest slowing is expected over the next several months. The strongest reports came from Louisiana and Mississippi contacts while several Florida contractors noted a slowdown in school and public-financed development because of slowing population and revenue growth. Looking ahead, contacts anticipate construction activity in 2008 will be weaker compared with last year.