Orlando industrial real estate market reports

Q4 2023

Orlando’s unemployment rate experienced a slight improvement since the third quarter, dropping 10 basis points to 3% as of November. Manufacturing employment saw a 2.3% year-over-year growth, while construction employment saw a modest 1.1% increase over that same time.

$10.61 psf

Average asking rent

2023’s average asking rent of $10.61 per square foot reflects a 3.8% year-over-year increase and a 40.3% surge since 2020, suggesting that while rents continue to rise, they may be starting to stabilize.

6.7 msf

Deliveries

A wave of new product entered the market in 2023, with over 6.7 million square feet of new developments being delivered throughout the year.

708k sf

Total absorption

The fourth quarter witnessed a positive total absorption of 708,546 square feet, contributing to the total for 2023, which stood at 4.09 million square feet in November.

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