Orlando Office Vacancies Hit 8% Low as Tech Surge Fuels Demand

ORLANDO, Fla. -- Orlando's office vacancy rate has plunged to 8%, well below the national average of 12.5%, driven by a tech boom and major corporate expansions. Realvest Partners reported this tightening in their Q3 2022 analysis, noting flat vacancy at 8.1% over the prior year as leasing activity surged, with new three-to-five-year leases outpacing renewals. Companies like EA Sports have anchored demand for premium Class A spaces in Central Florida, as initially covered by FOX 35 Orlando, contributing to rent growth that has outperformed national trends since the pandemic.

Suburban submarkets are leading the charge, with Maitland seeing vacancy drop 150 basis points quarter-over-quarter to 18.8% in Q2 2024, fueled by relocations including Charles Schwab's 57,300-square-foot space, Avant Healthcare's 38,691 square feet and JLM's 27,357 square feet. Cushman & Wakefield's Q1 2026 report shows overall vacancy easing to 16.5%, a 40 basis point decline, amid resilient job growth and Orlando's unemployment at 3.4% -- below the U.S. 4.1%. Asking rents climbed to $27.39 per square foot overall, with Lake Nona hitting $35 per square foot due to limited inventory.

Despite headwinds from hybrid work and 745,000 square feet of new supply delivered in the past year, tenant confidence is rising, with net absorption projected to stabilize. CoStar forecasts vacancy around 8.7% by late 2023, though broader trends could push it to 9.3%. As of early 2026, Orlando's market remains a bright spot compared to national rates nearing 19.4%, positioning Central Florida as a hub for tech and business relocations.