ORLANDO—Central Florida’s office market spans 99 million square feet—and it’s been under significant pressure over the past three years. But CresaPartners is seeing a sea change in Central Florida.

Indeed, in the fourth quarter Orlando’s overall vacancy rate continued to decline, posting the sixth straight quarter of positive net absorption. Vacancy rates are down about 20% from three years ago, according to Cresa Orlando and it’s becoming increasingly difficult to find blocks of space spanning 15,000 square feet or more in Orlando's Central Business District.

“Last year was really solid—we did about 75 transactions last year—and it carried over into the first quarter of this year,” Craig Castor, senior vice president at Cresa Orlando, tells GlobeSt.com. “The demand ranges from law firm space downtown to call centers in the submarkets—it’s a little bit of everything.”