While leasing activity remains considerably below pre-pandemic levels, with just over 225,000 square feet (sf) leased during the first quarter of 2021, overall activity is beginning to improve and inquiries for space are up. Total occupancy is up 160 basis points (bps) over the past quarter to 13.5%, with sublease space at a 12-year high accounting for 170 bps of that figure. JetBlue Airways Corp. is reportedly considering relocating its headquarters from New York to Florida, most likely centering its search in either the Orlando or Fort Lauderdale markets where it has existing operations. A formal decision expected later this year. The Walt Disney Co. is also evaluating the feasibility of moving one of its divisions to the Lake Nona area. Click here to explore full interactive analytics for Orlando and its submarkets.
Downtown Tampa’s skyline continues to transform, with significant office, mixed-use, residential and hotel development beginning to come online in the Channelside area and within the urban core. Total occupancy is up 70 basis points (bps) over the past quarter to 14.8%, with sublease space accounting for 200 bps of that figure. Leasing activity during the first quarter totaled 555,121 square feet (sf) and new leasing inquiries are up even as overall deal activity continues to lag. It is expected that a greater proportion of workers will return to the office during the second quarter, allowing occupiers to better gauge their true space needs moving forward. Click here to explore full interactive analytics for Tampa and its submarkets.