The office market in Central Florida has been under pressure over the last 5 years. We have seen a marked increase and a rise of sublease and shadow space as companies are focusing on maximizing their space utilization. From a tenant's perspective, the real estate market's softness has created a unique opportunity to right size space and reduce occupancy costs. With vacancy rates currently at over 14% in a class A and B space, we expect this figure to stay flat through 2013. Additionally, tenant improvement allowances and rent concessions are at a 10 year peak. With unemployment at above national levels, we do not anticipate any major new development in the foreseeable future.
Cresa Orlando is very responsive and a pleasure to work with. Their market knowledge is deep, broad and unbiased. All material met my expectations. Our representative was very realistic in his view and projections which helped us to understand what to expect. Prior to engaging Cresa Orlando for our Lake Mary office, I made many requests of them for materials pertaining to different locations for our firm and I was provided with exactly what I needed in a very timely fashion.
We have partnered with Cresa Orlando over the past 20 years both at PRC and now TelAffects for our office space needs. They are a market expert, are well connected in all aspects relating to their business and are highly renowned profiessionals in Central Florida. Cresa Orlando is very versed at negotiating lease terms in the tenant's favor and pays prompt attention to our needs. You will find them to be highly engaged and proactive and always rising above expectations. Cresa Orlando has been an invaluable asset to our business.
Cresa Orlando has been our broker since 2000, in our relocation, expansion and all other office needs. They have proven to be a knowledgable expert in market and lease negotiations, always putting us first. We would not hesitate to recommend them to any tenant that needs unbiased, professional guidance on their office lease.
I engaged Cresa Orlando to handle the renegotiation/lease extension for our Maitland, FL office lease and subsequently used them for a similar assignment for our Tampa office. They are well versed on the specifics of individual buildings within our submarkets, actually knowing factors that could affect our lease rates. I found Cresa Orlando's long history of working with building owners and their representatives to be a significant asset during negotiations. They were able to anticipate key issues which were critical in our negotiations.
Cresa Orlando provides a vast array of services for all of our locations. They are diligent in their work, have a broad market knowledge and are proficiant protecting our interests throughout the process. Cresa Orlando identifies feasible alternatives for our space needs, streamlines our decision process and helps us minimize our real estate risk exposure. As a nonprofit, it's important that we achieve the best possible economic lease terms for our locations, while not sacrificing quality of location and they have been instrumental in achieving our goals.
We hired Cresa Orlando as their firm works solely on behalf of tenants and we needed a focused, unbiased approach to a solution. We ultimately selected a property that allows us to consolidate our entire operation in to one building, reducing our economic exposure by 30% over what we are currently paying.