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Market Report

Orlando Office Market Report

4Q 2022

Major Orlando Employers' Return to In-Person Work
Supports Positive Office Absorption

Sector growth underpinned by large company relocations. Office fundamentals are off to a good start in 2022, with the 425,000 square feet of net absorption in the first half exceeding what was relinquished during 2021. Demand is being driven by relocations and expansions, as a broader return-to-office movement plays out in Orlando. Disney, which is relocating its office to Lake Nona, released a statement expecting workers to return to the office on a more regular basis after the Labor Day weekend. InnovaCare has also made plans to move into Lake Nona's 'Medical City' to capitalize on the community's thriving life science cluster. A return to in-person work by firms that support these larger corporations and other major employers in Orlando is making Class B/C properties more desirable compared to their higher-cost counterparts. Segment vacancy declined by 110 basis points over the past year ended in June.
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