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Orlando Office Market Report (Q1 2021)13 Apr 2021
While leasing activity remains considerably below pre-pandemic levels, with just over 225,000 square feet (sf) leased during the first quarter of 2021, overall activity is beginning to improve and inquiries for space are up. Total occupancy is up 160 basis points (bps) over the past quarter to 13.5%, with sublease space at a 12-year high accounting for 170 bps of that figure. JetBlue Airways Corp. is reportedly considering relocating its headquarters from New York to Florida, most likely centering its search in either the Orlando or Fort Lauderdale markets where it has existing operations. A formal decision expected later this year. The Walt Disney Co. is also evaluating the feasibility of moving one of its divisions to the Lake Nona area.