September 27, 2022
Central Florida's post-pandemic office market sees increase in leasing activity, upgrades to attract more employees
"Downtown Orlando's office market is very busy right now, where we're seeing a lot of leasing activity," says John Gilbert, managing director, JLL's Orlando office.

Economic Backbone: Commercial Real Estate

Central Florida's post-pandemic office market sees increase in leasing activity, upgrades to attract more employees

Local companies are leading the way in heading back to the office.

Amy Keller | 6/30/2022

Two years after the onset of the COVID-19 pandemic, there are signs of growing confidence in Central Florida’s commercial real estate market as businesses continue to bring employees back to the office and resume more normal operations. While there remains a record amount of available office space on the market, asking rates in Orlando are up 4.5% over the previous year and rents (ranging from $25 to $27 per square foot) are the highest in the city’s history. John Gilbert, managing director for JLL's Orlando office, provided some observations about Central Florida’s office market:

Local vs. National: “What’s interesting about the Central Florida office market post-pandemic is that many local firms and businesses have already made their return to the office with most local companies being back in the office for about 18 months now. It is the large global or national Fortune 500 companies headquartered out of Orlando that are taking a more conservative approach to returning to an office setting.”

Downtown: “Downtown Orlando’s office market is very busy right now, where we’re seeing a lot of leasing activity. We are seeing an increase in new office requirements from companies looking to upgrade their office space and building. We’re also seeing landlords make significant investments in upgrading their office properties, particularly the common areas and project amenities in order to attract these new office users.”

Amenities: “When tenants are touring for office space, they are looking at buildings where their employees will enjoy coming to work. The office properties that are more heavily amenitized with cafes or restaurants, fitness centers, outdoor spaces and other unique amenities are generating more tenant interest because companies want an environment where their employees will be excited to work.”

Tags: Real Estate, Feature

Florida Business News

Florida Trend Video Pick

Space station flies over Hurricane Ian
Space station flies over Hurricane Ian

Footage released by Nasa shows a view of Hurricane Ian that can be seen from the International Space Station as it flies over the storm.

Video Picks | Viewpoints@FloridaTrend

Ballot Box

Apart from electing a new governor, what is your top voting issue in Florida's 2022 elections?

  • Inflation
  • The economy
  • Abortion
  • Gun policy
  • Immigration
  • Climate change
  • Education
  • Health care
  • Other (Please share your comments in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701

© Copyright 2022 Trend Magazines Inc. All rights reserved.