Few buildings are being sold and fewer trophy properties are coming on the market. Capitalization rates are in the 9.5% to 11% range and moving higher, a plus for buyers.

With vacancies rising and rents softening, owners still aren't dropping prices. Investors, meanwhile, are gauging the Orlando market for further weakness in the months ahead, say commercial real estate professionals interviewed by GlobeSt.com.

"Office deals are not tough to find, just tough to close," says Ronald J. Rogg, head of investment properties/Florida, CB Richard Ellis Inc. "Debt capital is available, albeit some lenders have redlined Orlando, and others are underwriting less aggressively." Rogg says raising equity dollars "has become a bit more challenging."