Q4 2019 Orlando Market Report
Orlando continues to boom with unemployment rates well under the national average. In fact, Orlando is one of the best job growth markets in the country and is currently the top market nationally for population growth. In 2019, professional and business services sector had the highest growth rate which directly corresponds to high office demand. Still, speculative development is limited as evidenced by only 190,932 sf of office deliveries in 2019. With vacancies at a near all-time low of 7.9%, rent growth has been at a steady pace on average at 3.7% annually over the last 3 years. However, at the start of this year, 1,053,172 sf of speculative office space is currently under construction, with another 4.7M sf planned which could slow rent growth.