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Winter Park Office Analysis
- 1. 1 An office market analysis Winter Park, Florida
- 2. © 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 2 Winter Park at a glance One of Central Florida’s longest standing traditions, Winter Park is a regional favorite for fine dining, ornate architecture, lush parks, clear and natural lakes and timeless homes. From a romantic dinner on Park Avenue to a relaxing sightseeing adventure on the Winter Park Boat Tour, the small European-style suburb North of Orlando attracts visitors from across the state and commands some of the highest real estate prices – both residential and commercial – of anywhere in the Orlando MSA. As such, the office environment sees extremely low vacancy rates, some of the market’s highest rents, and markedly limited supply. The tenant mix is fairly diverse with a preference toward law firms and financial groups and with the average tenant being, a relatively compact, 6,209 square feet.
- 3. © 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 3 Tenant Breakdown by Industry Accountants 3% Ag/Mining/Util. 2% Business Services 7% Engineers/Architects 6% Financial Institutions 18% Insurance 13% Law Firms 21% Manufacturing 2% Medical 8% Personal Services 8% Real Estate 6% Retailers / Wholesalers 6% Average Tenant Size: 6,209 Square Feet
- 4. © 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 4 1.8m Total Inventory (s.f) 46 Number of buildings 46,609 Average building size (s.f) The Sydgan Group Largest Owner Winter Park Key Statistics 7 available Typical Blocks (5k-15k) -100,000 -80,000 -60,000 -40,000 -20,000 0 20,000 40,000 60,000 80,000 100,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD Squarefeet Net absorption Deliveries VacancyRate 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD FullServicerentalrates Average Rental Rate Vacancy rate 6,509 Total size (acres)
- 5. © 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 5 Winter Park Office availabilities from 5,000 to 15,000 square feet 1 2 7 5 4 3 6 1 2 3
- 6. 1555 Howell Branch Rd 6 Winter Park Availabilities 1 2 2699 Lee Rd 3 4 5 400 S Park941 W Morse 631 S Orlando Ave 6 1201 S Orlando 7 1560 N Orange Ave
- 7. 7 Winter Park Office Developments 1 531 W Morse (Penn & Morse) - Under Construction - 13,960 SF Available - Class A - Completion 2020 2 158 E New England Ave - Proposed - 26,648 SF Available - Class A - TBD 3 2161 N Park Ave - Proposed - 9,088 SF Available - Class A - Build for tenant
- 8. © 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 8 Research Team: Jacob Attaway, Research Analyst Central Florida Content Specialist +1 407 982 8696 Jacob.Attaway@am.jll.com Ben Landes, Research Analyst Brokerage +1 407 982 8598 benjamin.landes@am.jll.com
- 9. © 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 9