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Third-Quarter Office Vacancies Tanking at 19.7%

ORLANDO-Subleased space has swollen to 969,960 sf while worst-market honors in metro Orlando fall to the southwest sector with a 29% vacancy, Cushman & Wakefield of Florida Inc.'s newest study shows.

By Alex Finkelstein | Updated on October 15, 2002

ORLANDO-The office leasing market in metro Orlando grows dimmer by the quarter as new numbers from Cushman & Wakefield of Florida Inc. show the overall vacancy level at 19.7%, up from 18.9% in the second quarter.

Subleased space has swollen to 969,960 sf even as property owners give away free rent of three months to one year on five-year leases. Honors for the worst submarket go to the southwest sector with a 29% vacancy at a time when a paltry 13,000 sf of new product is surfacing.

The University of Central Florida and Orlando Research Park hub turned in the best leasing report card with only 7% vacancy. Net absorption totaled 93,000 sf.

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