A recent report from CoStar Analytics, a leader in commercial real estate information, analytics and news, found that Orlando, Florida, experienced the highest industrial rent growth in the U.S. in Q2 2023. With an increase in industrial rent growth of 17.1% from the previous year, Orlando topped the list, with Fort Lauderdale, Jacksonville, Miami and Tampa not far behind in the top 10.
With a total industrial rental portfolio in the Orlando market encompassing more than 600,000 square feet, Basis Industrial provides ample opportunities for rentals in this real estate hub.
Basis Industrial seeks out locations with strong population growth and an evolving distribution landscape, such as Orlando. While one of its first transactions was in Orlando, the company plans to continue growing its footprint in the area.
Basis’ current properties in the Orlando area include:
- A total 254,000-square-foot property with 150,000 square feet of multi-tenant flex space and 100,000 square feet of office suites at 7550–7800 Southland Blvd., acquired in late 2022.
- BaySpace Belle, a 193,000-square-foot small-bay industrial building located at 1260 Belle Ave
#207, Winter Springs, FL 32708. - BaySpace OWG, a 33,000-square-foot small-bay industrial building located at 3609 Old Winter Garden Road.
- BaySpace Arlington Street, a property located at 1038 Arlington Street, adjacent to the bustling Creative Village. This location offers various warehouse spaces, including a Small Warehouse of 5,500 square feet, Medium Warehouse encompassing 20,000 square feet, and a Large Warehouse spanning 39,500 square feet.
- OIBC is located at 5730 S Semoran Blvd. Orlando, FL 32822, a short distance from downtown Orlando. The property features various office suites, including a Small Suite of 754 square feet, ideal for solo entrepreneurs, a Medium Suite spanning 3,770 square feet for growing businesses, and a Large Suite designed for extensive business operations.
In addition to these current properties, we are scheduled to close on two more deals in October 2024, adding approximately 350,000 more square feet to our portfolio.
Industrial employment in Orlando continues to grow. In fact, according to CoStar:
- Industrial employment in Orlando has grown by more than 20% over the past five years as a result of the sector’s growth.
- Leasing interest in spaces 25,000 square feet and smaller in Orlando has been high.
- There is a strong demand for buildings up to 200,000 square feet.
- Orlando is expected to experience the third-fastest pace of rent growth in the nation over the next four years with an expected annual growth of 6.5%, outpaced only by Fort Lauderdale at 7.1% and Miami at 7.2%. This ranks Orlando higher than the major California markets of Inland Empire and Los Angeles, plus the Northern New Jersey market.
Basis Industrial not only owns industrial properties in markets across Florida (including Deerfield Beach, Boca Raton, Medley, Orlando, Winter Springs, St. Petersburg, Tampa, and Melbourne), but also Pennsylvania, New Jersey, New York, Texas, Boston, and Los Angeles.
Are you looking to expand your business by renting industrial property in Orlando or other markets across the U.S.? Contact us at info@basisindustrial.com or visit basisindustrial.com to find out more about how we can rent you the ideal space for your needs.
About Basis Industrial
Basis Industrial is a vertically integrated real estate owner and operator formed by industry veterans and sponsors Jay Massirman, Stephen Garchik and Daniel Weinstein. Anthony Scavo, COO/president, runs day-to-day activities of the company. Together, they have over 100 years of combined real estate development and management experience. With deep roots in the self-storage and industrial sectors, Basis currently owns over 2.5 million square feet of self-storage and industrial real estate, and is scheduled to close another 1 million square feet in 2023. Active markets for Basis include South Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles, and select urban markets nationwide. In total, sponsors have developed and managed over 13.5 million square feet of real estate assets including self-storage, industrial, retail, office and residential. For more information, visit bayspace.com or basisindustrial.com/.
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