While 2020 was a challenging year for office markets around the country, activity is beginning to return to the Central Florida office market, according to the Colliers Orlando office Q4 2020 report.
At the end of Q4, office vacancy averaged 9.2%, a sharp increase from the 7.2% posted at the end of Q4 in 2019. While nearly all markets felt the effects of the pandemic, Colliers says that only the East Orange and South Orlando submarkets registered positive absorption.
In Q4, net absorption was negative 183,344 square feet. However, driven by KPMG's occupancy of 767,000 square feet in the first quarter of 2020, net absorption for the year was positive at 366,043. Without that lease, year-to-date absorption would be negative 400,957 square feet.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
