2022 Office Space Rent & Sales
- $25.93 2022 Avg. Asking Rent
- 13.86% 2022 Office Vacancy Rate
- $268.5M2022 Total Office Sales
- $178.88Avg. Sale Price/SF
Orlando office price per square foot in 2022 was $25.93 on average. The local office market recorded an average vacancy rate of 13.86% across all asset classes combined. The 19 transactions that closed here throughout 2022 amounted to a total sale volume of $268.5M. Orlando office space commanded an average sale price per square foot of $178.88.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Orlando Class A & A+ Office Space$28.99
- Orlando Class B Office Space$26.41
- Orlando Class C Office Space$19.51
- Florida Class A & A+ Office Space$35.94
- Florida Class B Office Space$26.81
- Florida Class C Office Space$19.09
Orlando, FL Office Asking Rents by Class
Average office rent in Orlando rested at $25.93 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Orlando averaged $28.99 per square foot. Across all submarkets, class B office space recorded an average asking rent of $26.41 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.51 per square foot, on average. Comparably, statewide Florida average office rents by class in 2022 were: $35.94 per square foot for class A office space; $26.81 per square foot for class B office space; $19.09 per square foot for class C office space.
2022 Office Vacancy Rates in Orlando
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Kissimmee | $31.65 | 1.58% |
Downtown Orlando | $31.44 | 16.96% |
Northeast Orlando | $25.53 | 12.73% |
University | $24.47 | 18.29% |
Metro West - Park Central | $24.25 | 10.49% |
Southwest Orange County | $23.47 | 7.80% |
Tourist Corridor | $22.55 | 8.64% |
Northwest Orlando | $20.30 | 3.59% |
Maitland | $19.93 | 21.18% |
Orlando Office Sale Price per SF
- $178.882022 Avg. Price per SF
- -7.25%Y-o-Y Avg. PpSF Change
- $268.5M2022 Office Sales Volume
- 192022 Number of Transactions
Orlando, FL Sale Price per SF Trend
- Orlando Avg. Sale Price per SF in 2022$178.88
- Florida Avg. Sale Price per SF in 2022$234.16
2022 Office Sales Volume
- Orlando, FL Total Office Sales Volume in 2022 $268.5M
- Orlando, FL Total Number of Office Sales Closed in 2022 19
Largest Orlando Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
Airport Business Center | 5730 South Semoran Blvd | 12/22/2022 | $36,500,000 |
8337 Southpark Circle | 8337 Southpark Circle | 11/17/2022 | $32,500,000 |
Quadrangle Business Park - University Corporate Center I, The | 3501 Quadrangle Blvd | 10/10/2022 | $24,650,000 |
Lake Point Business Park | 6200 Hazeltine National Drive | 9/15/2022 | $24,000,000 |
Hoffner Commerce Center | 5449 South Semoran Blvd | 4/5/2022 | $22,000,000 |
Coworking Spaces in Florida
- Houston Coworking Space
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- New Orleans Coworking Space
- Birmingham Coworking Space
2022 Office Construction in Orlando, FL
- Orlando, FL Total SF completed in 2022 391,540
- Orlando, FL Total SF under construction in 2023 1,297,239
During 2022, 391,540 square feet of new office space were delivered across the market. At the close of 2022, the Orlando office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 391,540 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 1,297,239 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
The Edge | 225 S Garland Ave, 32801 | 198,000 | 2024 |
2130 South Orange Avenue | 2130 South Orange Avenue, 32806 | 53,048 | 2024 |
3872 Old Winter Garden Rd | 3872 Old Winter Garden Rd, 34734 | 28,000 | 2024 |
One Performance Plaza | 6424 Alexandra Louise Drive, 32827 | 152,784 | 2023 |
Lake Nona Town Center - 13495 Veterans Way | 13495 Veterans Way, 32827 | 68,398 | 2022 |
295 NE Ivanhoe Blvd | 295 NE Ivanhoe Blvd, 32804 | 20,000 | 2021 |
Lake Nona Medical Office Building | 6718 Lake Nona Blvd, 32827 | 45,513 | 2020 |
Truist Plaza | 333 South Garland Avenue, 32801 | 449,676 | 2019 |
Kirkman Point II | 7141 South Kirkman Road, 32819 | 134,000 | 2017 |
Citi Tower | 101 Lake Ave, 32801 | 12,600 | 2017 |
Worth noting among recent office completions on the Orlando market is The Edge, which is currently the largest new office development in the city, at 198,000 square feet.
See reports for other markets
- Miami Office Rent Price
- Jacksonville Office Rent Price
- Tampa Office Rent Price
- Fort Lauderdale Office Rent Price
- West Palm Beach Office Rent Price
- Boca Raton Office Rent Price
- St. Petersburg Office Rent Price
- Tallahassee Office Rent Price
- Sarasota Office Rent Price
- Hollywood Office Rent Price
- Miami Beach Office Rent Price
- Los Angeles Office Rent Price
- New York City Office Rent Price
- San Antonio Office Rent Price
- Phoenix Office Rent Price
- Charlotte Office Rent Price
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Orlando commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.