Q4 2020 Orlando Market Report

As Florida fully reopened at the end of September, outlook for local businesses has slowly brightened. According to Orlando’s Downtown Development Board, the fourth quarter saw an increase in visitor traffic downtown (as determined by an increase in cars parking in downtown garages). A local poll by the Orlando Business Journal also shows there is a gaining optimism that conditions will continue to improve this year; 62.3% of readers thought the economy would improve in 2021. However, the full effect of the pandemic and ensuing shutdowns are still being felt by landlords as indicated by Q4 being Orlando’s third consecutive quarter of negative net absorption.