Orlando industrial real estate market reports
Q1 2024
The unemployment rate in Orlando sat at 3.2% as of February 2024, up 10 basis points from the start of the fourth quarter, but still outperforming the national average of 3.9%. Total nonfarm employment is up 1.8% year-over-year, with the construction sector also seeing a 1.2% increase in employment since last year.
Asking rates
During the first quarter of 2024, asking rates rose 9.8% since 2023 to an average of $11.01 NNN.
Availability for flex buildings
Overall availability for flex buildings sat at 7.3% at the end of the first quarter, up from 6.3% at the same time last year.
Total absorption
Over 1.6 million square feet has already been delivered in 2024 with an additional 2.5 million square feet underway, signaling another strong year of development.
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