Orlando office market reports

Q2 2022

Orlando’s economy has performed strongly during the first two quarters of 2022 with a sustained decline in the unemployment rate, rapid job growth, and multiple company relocations announced. Robust market fundamentals are the main reason why companies are choosing Orlando for relocations and expansions.

715,464 sf

Under construction

Development interest has picked up significantly in Orlando with over 700,000 square feet (sf) currently under construction—the largest wave of speculative office construction since the beginning of Covid.

-46,097 sf

Net absorption

The second quarter finished with slightly negative -46,097 sf of absorption. However, year-to-date, the net absorption continues to be positive at 127,008 sf. As buildouts continue to wrap up, more positive absorption is expected later in the year.

$26.05 psf

Direct asking rent

Orlando’s overall asking rents increased by 3% year-over-year to $26.05 per square foot (psf). Landlords with high-quality class A office assets continue to push rates amid tenant demand for premium office space.

8.4 msf

Availabilities

Companies continue to realign their real estate strategies, which have increased the amount of sublease space on the market to at an all-time high of just under 2.2 million square feet (msf). Approximately 46% of this is concentrated in class A office space in the Southwest Orlando and University/Research submarkets.

12.4%

Vacancy

Orlando’s vacancy rate began to stabilize during the second quarter at 12.4%—down just 10 basis points from one year ago. As companies readjust their real estate positions, vacancies may increase toward the end of the year.

$148 psf

Investment sales

Orlando’s year-to-date office sales volume is up by 3% over the same time in 2021; however, the average price declined by 19% year-over-year to $148 psf. Office investment sales across Florida have begun to cool in the wake of increasing borrowing costs due to rapidly rising interest rates.

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Your source for the latest Orlando office market reports

Get in-depth office market reports from commercial real estate experts in the Greater Orlando area. Avison Young advisors look at Orlando commercial real estate activities and the latest Orlando statistics to provide you expert market research on Orlando's office properties.

Explore different topics like the latest office market pricing trends and analysis of Orlando's current office real estate market conditions. Gain a better understanding of Orlando’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Orlando's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Orlando.

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