ORLANDO—The story may not be as spectacular as Downtown Miami's office market turnaround, but Orlando's office market is recovering strong. The question is how much strength it will gain in 2015.

Broad-based employment growth and limited construction will support improvements in the Orlando office market, according to Marcus & Millichap's latest report, and local employers are ramping up hiring across all sectors. That's leading to the largest annual job growth since 2007.

Emily Zinaich, senior vice president with Avison Young in Orlando—and part of the transition of team members from the recent Morrison Commercial Real Estate acquisition, tells Globest.com she anticipates an increase in the repositioning of older office assets as the market continues to improve, especially with no significant office construction in the Orlando area. That seems like a solid outlook, given the stats.

After completing 348,000 square feet of office space last year, developers will deliver 375,000 square feet this year, increasing stock 0.5%, according to Marcus & Millichap. Despite the slight increase, the firm reports, new inventory additions will fall short of the five-year average and far below the 2 million-plus square foot deliveries in 2007 to 2009.

“As such, landlords will continue to be cautiously optimistic while nudging lease rates and dialing back incentives,” Zinaich says. “Tenant rep brokers are already cautioning their clients to lock in a good deal while they still can. Additionally, expect to see demand for quality class A assets to stay strong and continue to trade at premium numbers.”