Alabama’s economy continues to see an improvement in overall stability. During the fourth quarter of 2013, Alabama’s unemployment rate dropped to 6.1%, down from 6.8% this time last year. Despite this positive news, commercial leasing activity during the fourth quarter of 2014 was relatively flat across the Birmingham industrial market.
Absorption was negative 98,409 square feet (sf), a significant reversal from the positive 77,117 sf absorbed in the third quarter. Direct occupancy dropped slightly to 83.1%, down from 83.8%. Overall occupancy rate, which includes sublease space, was 82.3% at the end of the fourth quarter.
Source : Cushman & Wakefield