Central Florida’s office vacancy rate dropped one tenth of a point to 13.8% during the third quarter with an overall positive net absorption of 43,566 square feet. Colliers is reporting healthcare, financial services, technology and aerospace simulation were among the most active tenant categories in the office market in the third quarter.
The Southwest submarket reported the lowest vacancy rate at 10.6% and also the most net absorption with 45,837 square feet. Maitland reported the highest vacancy rate at 19.4% with the lowest net absorption rate in the Central Florida area.
Office rental rates rose slightly in the third quarter to $21.71 with downtown Orlando receiving the region’s highest rate at $22.00 per square foot. Not surprisingly, Maitland offered the region’s lowest per square foot rate at $18.97.
