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ORLANDO- According to the Cushman & Wakefield of Florida Inc. third quarter office report, the Orlando office market can be described as cautiously optimistic. While net absorption continues to weaken, leasing activity continues to slow and available sublease space continues to grow, the change is not overly dramatic when compared with previous quarters.

“While we have entered a contraction phase, not to be confused with an oversupply,” notes the report prepared by the research office of Cushman & Wakefield, “the market has moved into a period of lower demand. This contraction is magnified when compared to previous levels of demand and is unlike former market declines due to the abundance of sublease space.”

Speaking of sublease space, two large blocks of sublease space were delivered to the market by Cingular Wireless (BellSouth Mobility), who subleased 85,000 sf in Lake Mary, while Charles Schwab subleased 84,000 sf in Maitland. The overall vacancy rate for Orlando and the surrounding areas is 17.9%, a 1.9% increase from second quarter.

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