Orlando’s Office Vacancy Decreases to 12.0%

Jul 22, 2013 No Comments by

The Orlando Office market ended the second quarter 2013 with a vacancy rate of 12.0%.

The vacancy rate was down over the previous quarter, with net absorption totaling positive 561,042 square feet in the second quarter. That compares to positive 19,682 square feet in the first quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 246,902 square feet.

Tenants moving into large blocks of space in 2013 include: Digital Risk moving into 51,200 square feet at 8427 South Park Cir; Community Based Care of Central Florida moving into 44,293 square feet at 5749 Westgate Dr.; and Golf Channel moving into 29,643 square feet at 7649-7851 Commerce Center Dr.

Rental rates ended the second quarter at $18.27, an increase over the previous quarter.

A total of five buildings delivered to the market in the quarter totaling 22,892 square feet, with 434,459 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. National Office vacancy rate, which decreased to 11.7% from the previous quarter, with net absorption positive 21.27 million square feet in the second quarter. Average rental rates increased to $21.60, and 219 buildings delivered to the market totaling more than 10.25 million square feet.

The information in this news report is based on CoStar’s Second Quarter 2013 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.

 

Source:  CoStar

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Industry News, NA, Office
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