Orlando, FL - Office Market Overview
The Orlando real estate market includes the Airport North, Baldwin Park, and Colonial Town Center office space submarkets. With a metropolitan population of nearly 2.4 million, Orlando’s economy is driven in large part by the aerospace & defense, high-technology, and tourism industries, all of which contribute to creating demand for Class A office space in Orlando.
As of mid-2017, the Orlando office 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 Florida.
Orlando, FL - Office Inventory Description
In addition to tourism, the media & entertainment industries play a major role in creating demand for commercial real estate in Orlando. With a gross metropolitan product of over $125 billion annually, 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 product to the office sector in Orlando.
The Central Business District in Orlando is home to some of the most prestigious office buildings in the city, and also sees some of the strongest demand for Class A office space. Portfolio-quality trophy office buildings such as the 111 North Orange building, Lincoln Plaza, and Eola Park Centre at 200 East Robinson Street can all be found in this office submarket.
Orlando, FL Commercial Inventory Breakdown
Office Spaces
Total: 20,205,531 SF
By square footage range:
- 50k to 100k SF: 4,003,638 SF / 19.81% of total office
- 100k to 500k SF: 12,132,567 SF / 60.05% of total office
- 500k to 1M SF: 2,069,326 SF / 10.24% of total office
- > 1M SF: 2,000,000 SF / 9.9% of total office
By class:
- Class A+: 1,003,612 SF / 4.97% of total office
- Class A: 9,335,270 SF / 46.2% of total office
- Class B: 5,218,974 SF / 25.83% of total office
- Class C: 239,090 SF / 1.18% of total office
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 gone 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 office building in Orlando is the Discovery TechCenter II at 2710 Discovery Drive in Orlando. Located in the University neighborhood of Orlando, this 62,500 square foot property was built in 2008 and is the proud recipient of a LEED Gold certification.
Orlando, FL's Top Office-Using Sectors
The Orlando commercial real estate market contains a diverse mix of business and industry, all driving demand for white-collar office space in the metro area. Among the top four office-using business sectors in Orlando are the healthcare, tourism, entertainment, and corporate office users.
- Healthcare – Orlando is the healthcare center of Central Florida, with the University of Central Florida's College of Medicine, a VA Hospital, and the Orlando Health and Florida Hospitals, all of which create white-collar office employment in Orlando.
- Tourism – One of the major contributors to the economy and the demand for office space in Orlando is the tourism sector, with businesses such as SeaWorld Orlando, Universal Orlando Resort, and Walt Disney World Resort attracting over 60 million visitors to the area each year.
- Entertainment – Florida is a global destination for recreation and entertainment of all types, thanks to companies such as Disney's Hollywood Studios, Electronic Arts, Universal Studios, and the Florida Interactive Entertainment Academy.
- Corporate Office – Lockheed Martin, AT&T, Boeing, Darden Restaurants, and Hewlett-Packard are just a few of the large employers in Orlando that drive demand in the Class A office market.
Orlando Demographics
Population
- Total Population269,414
- Male Population(48.4 %) 130,347
- Female Population(51.6 %) 139,067
- Median Age33.30
Income/Financial
- Average Household Income$65,450
- Median Household Income$45,436
- Median Income Under 25$26,710
- Median Income 25-44$48,820
- Median Income 45-64$49,071
- Median Income Over 65$33,032
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 ...
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