CoStar issues Q2 report on construction trend in Southwest Florida

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CoStar has released a second quarter 2013 market report stating that no new space was completed in the Southwest Florida market area during the second quarter 2013.

This compares to no office buildings being completed in the first quarter 2013, two buildings totaling 28,151 square feet completed in the fourth quarter 2012, and 10,975 square feet in two buildings completed in the third quarter 2012.

There were 3,869 square feet of office space under construction at the end of the second quarter 2013.The only project under construction at the end of second quarter 2013 was 8030 Summerlin Lakes Dr, a 3,869-square-foot building with 100% of its space pre-leased.

Total office inventory in the Southwest Florida market area amounted to 31,442,624 square feet in 3,146 buildings as of the end of the second quarter 2013. The class-A office sector consisted of 3,587,339 square feet in 67 projects. Within the office market there were 60 owner-occupied buildings accounting for 1,033,821 square feet of office space.

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