Orlando, FL Office Overview
The Orlando real estate market includes the Downtown Orlando, Baldwin Park, and Lake Nona submarkets. With a metropolitan population of nearly 2.4 million, Orlando’s economy is driven in large part by the aerospace & defense, technology, and tourism industries, all of which contribute to creating demand for office space.
As of mid-2017, the market encompasses just over 26 million square feet of existing office space in properties larger than 50,000 square feet. Located in Central Florida, Orlando is nicknamed 'The Theme Park Capital of the World' due to its numerous world-class tourist destinations including Walt Disney World and Universal Studios.
Orlando, FL Office Inventory Description
In addition to tourism, the media & entertainment industries play a major role in creating demand for office space. With an annual gross metropolitan product of more than $125 billion, there is robust demand for white-collar office space in the Orlando metro area. Nearly 64% of the office inventory in the market is Class A or A+, with Class B office property adding another 35% of space.
Downtown is home to some of the most prestigious office buildings in the city and sees some of the strongest demand for premium space. Trophy properties such as One Eleven and SunTrust Center 9are both found here.
Orlando, FL Commercial Inventory Breakdown
Office Spaces
Total: 19,967,188 SF
By square footage range:
- 50k to 100k SF: 4,123,406 SF / 20.65% of total office
- 100k to 500k SF: 13,774,456 SF / 68.99% of total office
- 500k to 1M SF: 2,069,326 SF / 10.36% of total office
By class:
- Class A+: 1,003,612 SF / 5.03% of total office
- Class A: 9,461,270 SF / 47.38% of total office
- Class B: 5,218,974 SF / 26.14% of total office
- Class C: 295,658 SF / 1.48% of total office
Top 10 Largest Office Buildings
in Orlando
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| KPMG Lakehouse | 9313 Lake Nona Blvd, 32827 | 780,000 | 2020 |
| SunTrust Center | 200 South Orange Avenue, 32801 | 654,618 | 1988 |
| KPMG Lakehouse - Expansion | 9313 Lake Nona Blvd, 32827 | 470,000 | n/a |
| Bank of America Center | 390 North Orange Avenue, 32801 | 421,069 | 1988 |
| Orlando SED | 401 West Church Street, 32801 | 420,000 | n/a |
| Lake Nona Town Center - Buildings A & B | SWC Lake Nona Blvd & Central Florida GreeneWay, 32827 | 405,389 | n/a |
| Kirkman Point Office Park - Buildings III & IV | NEC South Kirkman Road & Carrier Drive, 32819 | 402,000 | n/a |
| One Orlando Centre | 800 North Magnolia Avenue, 32803 | 355,783 | 1987 |
| CNL Center I | 450 South Orange Avenue, 32801 | 347,542 | 1999 |
| SunTrust Plaza at Church Street Station | 323 South Garland Avenue, 32801 | 317,560 | 2019 |
Most Recently-Built Office Buildings
in Orlando
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| SunTrust Plaza at Church Street Station | 323 South Garland Avenue, 32801 | 317,560 | 2019 |
| Lake Nona Town Center - Phase II | 13485 Veterans Way, 32827 | 154,729 | 2018 |
| Sand Lake West Business Park - 7501 Greenbriar Pkwy | 7501 Greenbriar Pkwy, 32819 | 86,700 | 2018 |
| Kirkman Point II | 7141 South Kirkman Road, 32819 | 134,000 | 2017 |
| Lake Nona Town Center - Phase I | 6900 Tavistock Lakes Blvd, 32827 | 99,000 | 2015 |
| GuideWell Innovation Center | 6555 Sanger Road, 32827 | 92,120 | 2015 |
| Florida Hospital Executive Offices | 550 East Rollins Street, 32803 | 88,837 | 2014 |
| The Church Street Exchange Building | 101 South Garland Avenue, 32801 | 87,952 | 2014 |
| The Lake Nona Gateway Building | 13280 Narcoossee Road, 32827 | 75,000 | 2014 |
| Kirkman Point I | 7055 South Kirkman Road, 32819 | 134,000 | 2013 |
Orlando, FL Green Office Space
The 2017 National Green Building Adoption Index surveyed the top 30 U.S. major markets to determine just how far office building owners and developers have come in incorporating energy efficiency into their properties. Through mid-2017, the percentage of green commercial office buildings larger than 50,000 square feet topped the 38% mark.
Orlando is not yet counted among the top 30 U.S. office markets, but with dozens of energy-efficient office property projects in the works, the city is doing its part to make the cut.
An excellent example of a LEED-certified property is The Quadrangle Business Park. Located in the University neighborhood, it consists of three buildings, totaling 333,000 square feet. They were built between 1999 and 2007 and are LEED-Certified Gold.
Orlando, FL's Top Office-Using Sectors
Significant demand for Class A office space comes from healthcare, tourism, entertainment, and corporate office user segments.
- Healthcare – The University of Central Florida's College of Medicine, VA Hospital, and the Orlando Health and Florida Hospitals are some of the largest healthcare employers in the area.
- Tourism –SeaWorld, Universal Studios, and Walt Disney World attract over 60 million visitors each year making tourism a large part of the local economy.
- Entertainment – Florida is a global destination for recreation and entertainment, with companies such as Disney, Electronic Arts, Universal Studios, and the Florida Interactive Entertainment Academy.
- Corporate Office – Some of the better-known companies with corporate headquarters located here include Lockheed Martin, AT&T, Boeing, Darden Restaurants, and Hewlett-Packard.
FREQUENTLY ASKED QUESTIONS
How much does office space cost in Orlando, FL?
The average office rental rate in Orlando, FL is $23.04 per square foot. Asking prices vary based on the property’s location, overall rating, amenities, proximity to restaurants, cafes and entertainment venues, as well as public transport, airports and highways.
What is the size of available office spaces in Orlando, FL?
The Orlando, FL office market can accommodate various businesses, sporting a range of office space availabilities. The average size of office space availabilities is 90,146 square feet. If you’re just starting out as a company or as an entrepreneur, the smallest available office space in Orlando, FL is 292 square feet, while the maximum rentable space on the market now is 180,000 square feet.
How do I get office space in Orlando, FL?
Start your search for office space in Orlando, FL by using our filters that allow you to find the best space for your business needs. Filter listings by location, property size, available space or lease rate. Property pages will offer details about an office building’s rating, year built, availabilities, price per square foot and more. After drawing up a shortlist, make sure you contact the listed broker(s) to schedule a viewing and begin the negotiation process for your lease contract.
How many office listings are available in Orlando, FL?
There are 210 office listings on the Orlando, FL market.
Orlando Demographics
Population
- Total Population275,690
- Male Population(48.2 %) 132,885
- Female Population(51.8 %) 142,805
- Median Age33.50
Income/Financial
- Average Household Income$69,685
- Median Household Income$48,511
- Median Income Under 25$26,852
- Median Income 25-44$51,023
- Median Income 45-64$53,994
- Median Income Over 65$35,657
News
The calendar is starting to stack up with a range of exciting Commercial Real Estate (CRE) events to attend in the second half of 2019. Here is an extensive list of the upcoming shows, expos, and CRE events. New England Conference & Deal Making July 16 – 17, 2019, Boston, Massachusetts, U.S. Thi...
2019 US Office Pipeline – NYC, the Bay Area and San Francisco Set to Deliver 33 MSF of Office Space
April 10, 2019
Since 2009, the U.S. economy has had more than 110 consecutive months of growth, making this the second longest economic expansion since the Great Depression. After a rather tepid 2017 performance, the U.S. office market gathered some steam in 2018, adding 76 million square feet of new office sp...
2018 Office Check-In: Top US Markets for Development, Largest Projects of the Year
September 20, 2018
We’re almost halfway through H2 2018, and it’s high time to check up on construction activity, as well as the state of the U.S. office pipeline when compared to previous analyses. Last year around the same time, we looked at top U.S. cities for office delivery during the fall-winter season, and ...