Double-Digit Office Vacancy Rates Hang On

ORLANDO-Double-digit vacancies continue to plague the metro area’s nine major submarkets but a strong year-to-date net absorption performance of 441,838 sf could indicate the local office market is headed for better times, according to a new report by the local office of Advantis Real Estate Services Co.

“The storm clouds are slowly beginning to clear but it hasn’t stopped raining yet,” says Lisa DeVore, research director at Advantis. “The office market in Orlando has not changed dramatically since the first of the year, although there are signs that it is beginning to turn the proverbial corner.”

For example, DeVore says, net absorption, “one of the strongest indicators of a market’s overall health, is strong at 441,838 sf, a considerable increase over the 34,240 sf of net absorption reported at this time last year.”