Things are looking sunny for Orlando's office market. The latest report from JLL analyzing the fourth quarter and the full year of 2024 found that key fundamentals in the market improved from occupancy to higher rents.
Orlando's office sector ended the year by positively absorbing 7,000 square feet of space. That's a turnaround from the negative territory the category saw last year, as move-outs were "significant" in 2023, according to JLL. Vacancy dropped 10 basis points to 15.5 percent in 2024.
"Several submarkets saw a healthy uptick in move-ins including Maitland, Lake Mary, and Lake Nona," the real estate firm wrote.
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Average direct asking rents increased two percent to $28.31 per square foot full-service, with JLL anticipating that the growth will continue in 2025.
"Deals are focused more on quality spaces with on-site amenities and ideal locations, further driving up demand and rent growth," it said.
One deal in particular, JLL cited was Charles Schwab's 2024 purchase of multiple Class A office buildings in Maitland, accounting for more than 500,000 square feet. With the move-in process scheduled for late 2025, JLL expects that to have a big impact on Orlando's economy, from development to employment.
In addition to hire rents, the Chicago-based firm anticipates that vacancies will continue to drop in Orlando's office market, as the Federal Reserve continues to cut interest rates.
"This trend reflects the improving health and increasing attractiveness of the local commercial property sector," said JLL.
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