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Market Report

Orlando Office Market Report

2024 Investment Forecast

Regional Cost Advantages and Growth Prospects Support
Demand for Broad Spectrum of Office Space

Vacancy remains below most major East Coast markets. Orlando offices entered 2024 with mid-13 percent vacancy, marking an eight-year high. However, this rate is in-line with the historical precedent, with local vacancy having hovered between 15 and 17 percent from 2009-2014. Moving forward, the rate is poised to remain below this range, with its Class B/C sector, which accounts for nearly two-thirds of its total stock, playing a vital role. Entering 2024, vacancy in the segment was in the low-9 percent band, with only a handful of major U.S. markets home to tighter conditions. With relatively limited space available and the metro’s mean Class B/C asking rent ranking among the lowest on the East Coast, the segment is well-positioned to maintain its regionally standout fundamentals over the near-term. Additionally, local medical office vacancy stood at roughly 10 percent at the onset of this year. Expectations for the metro’s populace to expand by 220,000 residents over the next five years will increase the need for health services, likely preserving strong demand for space that can accommodate medical-related tenants.

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