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Where Office Vacancies Are Tightest

“Select speculative office construction is occurring in several submarkets…”

By Jennifer LeClaire | Updated on November 14, 2017

Branded Maitland Promenade One, the five-story, 230,000-square-foot class A office building is located at 485 North Keller Road in Maitland, FL. Branded Maitland Promenade One, the five-story, 230,000-square-foot class A office building is located at 485 North Keller Road in Maitland, FL.

MIAMI—Orlando’s speculative office development pipeline is in a state of expansion, corporate relocations continue to put Orlando on their short list, the area’s bio-medical, healthcare and tech industries are expanding, and job growth remains strong, Avison Young reports. Heading into the final quarter of 2017, the firm expects office leasing activity to remain steady, allowing for continued positive absorption, that rental rates will continue to strengthen, and that investment sales interest will remain strong as investors scour for opportunities.

“Solid economic fundamentals in Orlando exhibited by consistent job growth and billions of dollars invested in infrastructure improvements continue to underpin the healthy office market,” Greg Morrison, principal and managing director of Avison Young’s Orlando operations, tells GlobeSt.com. “While overall vacancy is at 10.7%, vacancies are tightest in Winter Park, Lake Mary, and Southeast Orlando with single-digit vacancies. Absorption is moderating some due to lack of available space.”

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