REPORT: Orlando Office Construction Built To Suit More Often Than Most Of Florida

7 percent Rise in asking rents in Metro Orlando, the top increase in the state — as asking prices reached $26.11 per square foot. Tampa Bay checked in at 4.5 percent, while prices dropped 2.7 percent in Miami.  

“In Orlando, increases are mainly due to new construction,” Cushman & Wakefield said in its report.

215,000 square feet

Amount of office space being built specifically for Metro Orlando businesses, about 65,000 more square feet than Miami – and a much higher percentage of such space than Miami at 28.5 percent to 14.4 percent. Only Broward County has a higher percentage than Orlando at 35.7 percent, but that represents just 91,240 square feet of space. Here’s a breakdown of the total office space under construction in Florida’s top six markets:

• Broward: 255,340 square feet, 64.3 percent speculative
• Orlando: 685,744 square feet, 71.5 percent speculative
• Miami: 1,059,026 square feet, 85.8 percent speculative
• Tampa: 250,000 square feet, 100 percent speculative
• Palm Beach: 224,000 square feet, 100 percent speculative
• Jacksonville: 210,867 square feet, 100 percent speculative

1.3 percent

Amount of Metro Orlando rents compared with the pre-recession peak – which considerably trails the statewide average of 12.5 percent. South Florida markets are pushing rents highest past the previous peak, with Miami fueling that move at 17.9 percent. $35 Per-square-foot asking prices of Metro Orlando “trophy-class” office buildings, which have the best locations and are more exclusive than Class A space. The trophy premium in Orlando is 34 percent, a little less than the state average.   Source:  Orlando Sentinel

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