Renewed office tenant optimism fuels new leases and expansions in Orlando

Graph showing office tenant leases, new, renewals and expansions in Orlando from 2019 to 2024 YTD
  • As economic headwinds continue, real estate decisions for companies are evolving. To start the new year, there has been a 5% reduction in the number of renewals and a 6% increase in expansions, indicating tenants could be feeling optimistic about future economic conditions.
  • Following a trend of increased renewals throughout 2022 and 2023, the Orlando office market is now witnessing a resurgence in new leases and expansions, with a 72% share thus far in 2024, representing the highest level since 2021. After a period of suspended decision-making following the pandemic, tenants are showing a renewed willingness to move into new spaces.

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