The “Great Refresh” Continues as Landlords Position to Draw Tenants, Increase Rent

The Central Florida office market remained steady through the second quarter of 2018. While occupancy levels remained flat from the prior quarter, rental rates across Class A, B and C buildings continued their upward climb. Quality tenant space remained in low supply, forcing many tenants to renew in place and grow within their current footprint, increasing employee densities.

Tenant activity and Orlando’s business fundamentals remain as strong as ever, consistently ranked as one of the most business-friendly areas in the nation. Florida’s unemployment rate dropped to 3.4% as of May 2018, only to be exceeded by Orange County’s rate of 3.0% unemployment. The state has managed to add 180,200 jobs from the start of the year through May, according to the Florida Department of Economic Opportunity, and has since become a $1 trillion economy as of early July. If Florida was its own nation, it would be the 18th largest economy in the world. Every day, Florida adds approximately $2.74 billion to the state’s gross domestic product.

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