Orlando Office Market Report

Confidence growing in the office sector. Orlando's office market is off to a strong start in 2022, with firms taking over 250,000 square feet of office space off the market in the first quarter alone, surpassing net absorption totals in the last two years combined. Availability decreased by 30 basis points during this three-month span and is projected to fall even further by year-end. Recent progress has been joined by robust hiring in traditional office-using sectors, with headcounts rising nearly 10 percent year-over-year ending in April. Additionally, many firms are exhibiting renewed confidence in the office market, evidenced by Eating Recovery Center, Astronics Test Systems and Luminar Technologies committing to new deals, with each totaling over 50,000 square feet within the past four quarters. Moving forward, Orlando's regionally lower office rents and growing workforce have the potential to attract firms returning to in-person work or looking to relocate to Florida.