Orlando’s submarkets adapt to shifting office leasing trends as fundamentals remain strong

graph of average office lease size and average executed rent since 2023 by submarket in Orlando
  • Since the start of 2023 in the Orlando office market, the Southeast Orlando and Lake Mary/Heathrow submarkets have, on average, witnessed the largest executed lease deals at 31,000 square feet (sf) and 25,000 sf.
  • Downtown Orlando has led all submarkets in average executed rental rates at $30.70 FS, underscoring the heavy demand received by class A and trophy buildings in the downtown area.
  • 37% of all leases signed since the start of 2023 have been renewals, up from 27% over the past three years. This increase in renewals reflects a growing inclination among tenants to maintain continuity in their office space rather than pursue new options.

May 30, 2024

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