Orlando Industrial Market Report

Vacancy approaches all-time low. Since the second quarter of 2020, demand for industrial space has surged forward. Availability fell by 340 basis points over the past seven quarters to 3.5 percent entering April. A notable rise in online shopping and population growth that outpaces all other major Florida markets has bolstered the need for last-mile facilities. Additionally, labor shortages in the trucking industry elevated the need for more intermediate stops on the supply chain, benefiting centrally-located metros like Orlando. A surge in leasing occurred as a result, with firms absorbing over 5 million square feet year-over-year ending in March. Nearly 70 percent of all space taken off the market on a net basis during this span occurred in Southeast and Northwest Orange County, particularly in areas proximate to State Road 429 and Orlando International Airport.