Orlando industrial real estate market reports
Q3 2021
Orlando’s industrial market remains strong, fueled by healthy leasing fundamentals, an active speculative development pipeline, and growth within the critical areas of transportation and logistics. Investment activity is heated with investors chasing an ever-dwindling number of opportunities while development pushes toward the market’s periphery.
Economic conditions
Orlando’s current unemployment rate, which has been falling steadily and is down 2300 basis points from the height of the pandemic. The biggest gain in industrial jobs over the trailing 12-month period has been within the transportation, trade and utilities sector.
Recovery rate
The percentage of jobs the state of Florida recovered during the pandemic as of August 2021, totaling 974,000 in number.
Industrial demand
The amount of leasing activity recorded so far during 2021 compared to all leasing volume during 2020. Three large leases alone accounted for nearly 800,000 sf of leasing activity during Q3 2021 and total volume is expected to grow through the end of the year.
Industrial supply
The total amount of square footage under construction in Orlando. Exeter Property Group is working to obtain final approvals for a 1.2 million-sf distribution development on a 91-acre site in Northwest Orlando, one of the largest planned projects in Central Florida.
Pricing trends
The increase in base rents since the start of the pandemic, which have generally remained on an upward trajectory for the last decade. Healthy demand and tightening leasing fundamentals are placing upward pressure on asking rents.
Capital markets
Total industrial investment volume in Orlando year-to-date. The recent sale of two newly delivered and 100% vacant distribution buildings in OCP Logistics Center for $51.6 million—or $127 per sf—is indicative of how heated the industrial market in Orlando has become.
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