Florida's office sector, along with those in other Sunbelt markets, led growth through the pandemic and are in the forefront of what is the next economic expansion.
The influx of new-to-market tenants was broad based, from where companies came from, to where they located in the state. What drove many to Florida was quality-of-life factors, advantages in the cost-of-doing business and a diversified talent pool that would help firms to grow and succeed.
South Florida, Tampa Bay, Orlando and Jacksonville saw increases in office tenant demand, which bolstered existing office markets as well as created optimism in some markets to build new space options.
Florida is leading the charge on how the office market recovers from the last two years. Comparing Class A market dynamics from Q1 2020 to Q1 2022 provides an assessment of how Florida's office market performed, where it still lags, and how far it exceeded pre-pandemic levels.