Orlando Office Market Report

Continued commitments from notable firms. Multiple large-scale move-ins are slated for this year across the metro, with Downtown, Lake Mary and University Research Park proving popular with tenants again this year. Included in this pipeline are Travel + Leisure relocating their headquarters to the CBD and AMD’s new 10-year lease in University Research Park. Both tenants are leaving other space vacant however. Even so, vacancies across Orange County have held relatively stable after a jump to 13.5 percent in 2021. Since then, the local rate has oscillated by less than 80 basis points in any given year. With 72 percent of the market’s stock, the County’s performance exhibits an ability to absorb supply injections over 1 million square feet. Outside of the traditional office domain, medical office inventory grew at a faster pace in recent years to keep up with the retiree populace. After increasing 5.9 percent last year, the local 65-plus age cohort will climb another 5 percent this year. Medical office leasing is poised to grow in tandem.