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Five Fast Office Facts Orlando

Cam Sousa • 5/11/2023
What You Need to Know in Today's Orlando commercial real estate (CRE) Market.
    Against previous trends, Class B assets made up 69.8% of leasing activity as continued targeting of premium Class A space has left the market saturated with lower tier, out of favor A buildouts.

    Overall vacancy increased 120 BPS YOY to 14.2%, up 90 BPS from the previous quarter after remaining stable for much of 2022 with several large move-outs contributing to the jump.

    Orlando began 2023 with 391,000 SF of leasing activity in Q1, down 34.9% YOY as economic uncertainty contributed to the drop in activity.

    Asking rate averages rose 2.0% YOY to $26.58 PSF FSG. Rents in Class A assets closed out the year at $28.78 PSF FSG overall, up 2.2% YOY.

    Orlando employment grew by 68,300 nonagriculture jobs, or 5.0% YOY. The unemployment rate was 2.6% in February 2023. Office-using employment gained 12,100 new jobs, a 3.2% rise.


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