Orlando Office Market Makes Steady Gains

Aug 15, 2012 No Comments by

The 2nd quarter marked the eighth consecutive quarter of positive absorption in the office sector of Orlando’s MSA, tagged at 61,759 square feet, bringing the 2012 tally to a slowly recovering 96,881 feet, according to stats compiled by Cushman & Wakefield.

Vacancy stood at a disturbing 20.1% at the close of the quarter, but at least it’s moving in the right direction, albeit at a snail’s pace. Vacancies were two-tenths of a percentage point higher a year ago. All but three of the MSA’s 13 submarkets tracked decreases year over year.

In terms of leasing activity, some 505,591 square feet of new and expanded leases were executed in the second quarter, up from Q1’s 398,551 feet.

“In a market that remains largely dominated by internal demand,” the report states, “almost one-fifth of this was attributable to Disney as they committed to occupy three floors of the recently-completed Kirkman Point in the SW/Tourist submarket; Hannover’s decision to move across downtown from One Orlando Centre to SunTrust Center, commencing early 2013, provided the quarter’s other notable transaction.”

 

Source:  GlobeSt.

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Industry News, NA, Office
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