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Pine Belt cities have large inventories, small demand.

Publication: Mississippi Business Journal
Publication Date: 28-JUL-03 		Format: Online - approximately 967 words
Delivery: Immediate Online Access
Full Article Title: Pine Belt cities have large inventories, small demand.(Pine Belt)(office and industrial space)

Article Excerpt
HATTIESBURG AND LAUREL--The story is the same in these Pine Belt cities. There is plenty of both office and industrial space available. Unfortunately, demand has not kept pace with supply.

"We probably have more inventory now than we have had in years," Andy Stetelman, broker/owner of London & Stetelman in Hattiesburg, said of the office space portfolio. "I don't have any firm numbers, but I would estimate that we have close to a 10% vacancy rate. Over the last few years, it has run closer to 5%. Fortunately for us, retail has made up for what office space has lacked."

As far as office space demand, Stetelman said, "There's a constant flow, but we're not as busy as we could be. And you don't see any spec office space being built." When prospects do call, Stetelman said any place on Hardy Street remains a...

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