A return to housing affordability is expected to attract employees and companies back to the Orlando market, which experienced its first decline in job growth since 2002, losing 7,500 jobs last year. That may bode well for current office tenants who plan to continue doing business this year and are either renewing or looking to move to better space.

"During these questionable times, there is a flight to credit by landlords," says Rick Solik, senior director of office brokerage services with Cushman & Wakefield in Orlando. "Those tenants who have strong balance sheets and the confidence in their longevity can maximize these current conditions by locking in favorable terms."

Both Cushman and GVA measured average asking rents for class A office space above $25 per square foot at the end of 2008, a strong indication that the region's office market is holding its own in a difficult economic climate. Technology and medical research firms are seen as strong tenant prospects in the coming year, with the University of Central Florida area showing the most positive net absorption of all local submarkets in 2008, with 98,000 square feet.

"Orlando is no ghost town and doesn't appear to be in danger of encroaching tumbleweeds," Shelli Browning, GVA Advantis' local research director, stated in a report. "For at least a decade, Central Florida has diligently worked to diversify its service-industry reliance and reputation."