MIAMI—Central Florida's office market is strong. And since there's relatively little new construction of office space, when space becomes available, it's getting snapped up quickly.

This, of course, creates a challenge for companies looking for office space around the area. So how are growing companies that are looking for space in Central Florida dealing with these challenges?

GlobeSt.com sat down with two of Orlando's top-producing office brokers, Rick Solik and Matthew McKeever, who recently joined Colliers International Central Florida, to learn more about the market. Together they have over 60 years of office leasing and sales experience, and focus on tenant representation, corporate client services and healthcare tenant representation.

GlobeSt.com: What is the biggest challenge in Central Florida's office market?

Solik: One of our biggest barriers is the area's lack of large contiguous spaces for major companies. This is especially challenging in certain submarkets where there is the most opportunity for growth, such as Lake Mary and Southwest Orlando.

GlobeSt.com: When will we see more construction to better accommodate such large office users?

McKeever: Lenders are putting more strict requirements on new development. It's like the “chicken and the egg” concept—lenders want stable, committed tenants to finance an office building, yet the developers often need the building approved and under construction before a tenant will commit.

One solution we're seeing is more mixed-use buildings that have office and retail or a hotel, so they are more stable for financing. A good example of this is the Church Street Plaza in downtown Orlando.

GlobeSt.com: So what are some keys to success for companies in finding quality office space in the Central Florida market?

Solik: We advise our clients at growing companies to make sure they allow adequate time to find new space and to start preparing well in advance. Finding quality space could take anywhere from nine months to a year, and as long as two years for a larger transaction. It's also important to be flexible in terms of space and location preferences, and to engage a market expert to find and understand the best opportunities.

GlobeSt.com: Orlando is getting a wider reputation as a hub for technology. Are you seeing tech companies driving office growth, or is it a mix of industries?

Solik: It's a mix of industries, but tech is clearly growing in the central business district. Central Florida Research Park near University of Central Florida has been attracting defense companies and simulation centers for several years and continues to grow. And Kissimmee's new forward-thinking BRIDG facility, which opened last year, has a big focus on introducing new electronics.

Here's how you can use your office space as a competitive advantage.

Instant Insights /

When Big Space Becomes a Big Challenge

Related Stories

Recommended For You