ORLANDO—National restaurant chain Miller's Ale House has inked an 18,944-square-foot office headquarters lease in Orlando. In the move, the company is expanding from 9,000 square feet to 19,000 square feet of office space.
Miller's is taking up residence at Major Plaza. The office building located at 5750 Major Boulevard, west of the intersection with South Kirkman Road and offers easy access to Interstate 4.
"The JLL brokerage team was able to secure a competitive lease, including a build-out, competitive rate and signage rights," says Mark Peterson, CFO of Miller's Ale House. "When searching for space, we knew we wanted to expand but also find an office location that was in close proximity to our restaurants. The office space the JLL team secured at Major Plaza will accommodate our company's growing needs."
JLL vice presidents Joe Hills and Aaron Gray and senior vice president Nick Poole represented the tenant in the transaction. Kenneth Koch of Emerson International represented the landlord.
"Miller's Ale House is a success story in Florida's business community and a testament to Orlando's strong economic growth driven in large part by tourism, which has increased 3.9% year-over-year with more than 64 million visitors," says Hills. Miller's Ale House will occupy the fourth floor at the Major Plaza office building.
Orlando has yet to surpass the rent highs from the last cycle, off by 8.8%, according to recent research from Cushman & Wakefield. Orlando and Jacksonville typically lag behind most other Florida markets in terms of rent. As office rents get higher in other markets, tenant interest for competitive space options in these markets has increased over the past three quarters. Click here to read more about Orlando's office market.
Florida Research Manager Chris Owen believes the short-term prospects for rent growth across Florida remain positive. Owens says new office construction statewide lags compared to rising tenant demand.
"While there are several pockets of larger speculative development across the state, these projects will not, for the most part, come online until 2017 at the earliest," Owen tells GlobeSt.com. "Consistent rent growth in existing buildings over the next 18 to 24 months will be maintained before new inventory adds to increased vacancy levels and more tenant options."
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