Vacancies are at 9.9%, down from 10.2% in the second quarter. Downtown, which recently added about one million sf of class A product, experienced its largest single quarter net absorption (252,021 sf) in the last decade.

"After 10 years of no new construction of multi-tenant buildings, this strong absorption activity proves that pent-up demand for space in the central business district is high," Jeffrey S. Sweeney, managing director and executive vice president of Grubb & Ellis' Southeast division, tells GlobeSt.com.

The southwest Orlando submarket witnessed the highest quarterly net absorption of any submarket with 263,142 sf. Sweeney sees no braking in the local development engine. "Developers are building projects in equilibrium with market demand, which has kept the market from seeing an oversupply of space," he says.