Avison Young released its new interactive Central Florida office market reports for second-quarter 2021. The report includes data visualizations for rents, vacancy rates, leasing activity, and more.A new feature introduced this quarter is a dedicated webpage for each market which includes an embedded dashboard, market summary, 6 key takeaways, and a link to download the pdf report.
Orlando Office Market Report (Q2 2021)
Leasing momentum is building in Orlando and is expected to continue through the end of the year, which will prove instrumental in contending with a saturated sublease market and a vacancy rate at a six-year. Average base rents have increased notably due in part to an increased supply of class-A space.
Total vacancy in Tampa is at a seven-year high, totaling 15.9% after hovering in the 12% range pre-pandemic from 2017 through 2019, however, five-year lease deals are once again on the table and tenants are increasingly willing to extend lease terms in order to secure concessions.