Orlando Industrial Real Estate Market Reports | Avison Young US - Orlando
Orlando industrial real estate market reports
Orlando’s unemployment rate held steady at 3.1% year over year, noticeably below the U.S. unemployment rate of 3.8%; however, the market has experienced a 2.5% year-over-year growth in manufacturing employment, as well as a 2.9% increase in trade, transportation, and utilities employment. Key trends in the third quarter included a modest uptick in the remarkably low vacancy rate, a 17th-consecutive quarter of positive net absorption, and robust rent growth.
Orlando's vacancy rate, while slightly up from 2022’s low of 3.2%, remained exceptionally low in the third quarter, making 2023 the third year under 4%.
Orlando continued to experience positive absorption for another quarter, fueled by a robust development pipeline. At the end of the third quarter, 3.25 million square feet was completed.
Asking rental rates
Average asking rents persisted in their upward trajectory, reaching $10.79 per square foot, marking an impressive 59.9% increase since pre-Covid times in the first quarter of 2020.
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