Orlando Industrial Market Report (Q1 2021)4 May 2021
Total industrial vacancy in Orlando has risen slightly by 20 basis points (bps) since the end of 2020 to 5.9%, the fourth lowest rate in Florida behind Miami, Jacksonville and West Palm Beach. It is, however, 80 bps lower than at the end of 2019, one quarter before the pandemic began. Leasing activity during the first quarter in Orlando was steady, accounting for just over 1.6 million square feet (sf), with the largest deal signed by FedEx. The company plans to open a 433,434-sf package distribution center in the Orlando Central Park submarket. Net absorption ended the quarter north of 800,000 sf, and lease terms remain strong with asking rents holding fairly steady.