Industrial space sees recovery

Tenants are absorbing more warehouse space in Collier and Lee counties as the economy slowly starts to recover, according to recent data from commercial real estate brokerage CRE Consultants.

Tenants absorbed more than 350,000 square feet of industrial space in 2011 in Collier and Lee counties, according to the commercial real estate firm.

Fort Myers, where the bulk of the three-county region's industrial space is located, saw a 1.2% decline in vacancy in 2011 to 18.5%. While that remains a relatively high rate, the decline is a positive indicator of economic expansion.

The industrial-space vacancy rate dropped most significantly in Collier County in 2011, from 13.7% to 10.7%.

Overall, rents continue to decline, and they're not likely to rebound until vacancy rates drop further. For example, the asking rate for industrial space in Fort Myers fell 11% in 2011 to $4.55 per square foot, net of expenses.

Rents in Collier dipped slightly to $7.58 per square foot.