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The effect of new construction on rents in Orlando’s most active submarket for development
- 1. © 2019 Jones Lang LaSalle IP, Inc. All rights reserved. For more information, contact: Snapshot The effect of new construction on rents in Orlando’s most active submarket for development Source: JLL Research Jacob Attaway | jacob.attaway@am.jll.com • For the last decade, direct asking rents in this suburban submarket have bounced along on a relatively flat trajectory. Recently, rates have tilted upward with asking rents growing by about 10.0 percent since this time last year. • This is due, almost exclusively, to the advent of The Edison at Primera Phase I delivering and Phase II breaking ground earlier this year. Currently, phase II of this project is under development with 109,600 square feet of space available. This number represents about 25.3 percent of the direct availability in the submarket. With asking rents about 35.0 percent higher than the rest of the market, the weighted average rents are approximately 8.8 percent higher than they would be without this new building. • This is not to say that rents among existing product haven’t grown on their own. Existing market rents do still display healthy growth. December, 10nd, 2019 Lake Mary, Fl