Office rental rates in Orlando are poised to spike amid pent-up demand, new product, and extensive renovations to class-A assets.

1. © 2019 Jones Lang LaSalle IP, Inc. All rights reserved.
For more information, contact:
Snapshot
Office rental rates will continue to climb in Orlando
Source: JLL Research, FRED
Benjamin Landes | Benjamin.Landes@am.jll.com
• Rent growth has been slow over the past 20 years, growing at an annualized rate of just 0.9 percent since 1999.
• Office user employment growth is now outpacing occupancy growth, indicating that pent up demand may hit the
market in the near future.
• A lack of new construction has muted the effects of strong employment growth in the Orlando MSA, however, a
swollen development pipeline indicates that is about to change.
• At least 12 buildings in Orlando are undergoing renovations with an average investment of $5.4 million per
building. Landlords are adding popular amenities such as fitness rooms, tenant lounges, and high-tech security
features.
• Office user employment continues to grow, led by professional and business services and buoyed by a blossoming
tech sector. This will lead to increased demand for class-A office space and should prompt construction of new
product with higher asking rates.
• SunTrust Plaza is set to deliver by the end of this year, with rates approaching $40 p.s.f.
November 12, 2019
Orlando
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
80
90
100
110
120
130
140
150
160
170
180
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
SquareFeetUnderDevelopment
100=2000levels
Orlando-Kissimmee-Sanford MSA
SF Under development Office User Employment Orlando Office Occupancy Average Rent