Orlando office market reports
While office occupiers in Orlando continue to contemplate their future space requirements in an increasingly hybrid workplace environment and consider downsizing their physical footprints, there has been an uptick in activity with strong tenant interest being reported.
There is currently 715,000 square feet (sf) of class A office space under construction in Orlando. Over the next three years, just under 2.35 million square feet (msf) is expected to be delivered to the market.
During the first quarter of 2022, Orlando saw positive absorption for the first time since before the pandemic.
Direct asking rent
Orlando’s overall asking rents increased by 7% year-over-year to $26.54 per square foot (psf). Landlords with high-quality, class A buildings continue to push rates amid tenant demand for premium office space.
Office availabilities are the highest the market has seen in 10 years with just under 8 msf available. Sublease availability accounts for almost 2 msf of the available space. Tenants are downsizing space requirements as hybrid work becomes more popular with companies post-pandemic.
Orlando’s overall vacancy increased by 6% year-over-year to 14.3% during the first quarter of 2022. Tenants continue to analyze and discuss their space needs, which has led to more vacant space online.
Office investment sales are off to a slow start in 2022 with only $36 million in sales volume, which is still an increase of $12 million year-over-year.
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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