Rent growth has been strongest in Orlando's suburban submarkets over the past year, led by Lake Mary which saw a 16% increase in class A office rents. Lake Mary benefited from new development and low vacancy rates as well as rising demand from technology companies expanding into the market. The University Area submarket also experienced above average rent growth due to the growing tech sector. Rents increased across Orlando's office market as vacancies declined, although the central business district saw slower growth and had the highest overall rents.

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Snapshot
Class-A rent growth has been most robust in Orlando’s
suburban submarkets, for now.
Source: JLL Research
Benjamin Landes | Benjamin.Landes@am.jll.com
• Over the past year, asking rates for class-A office space have increased in each of Orlando’s submarkets.
• Lake Mary leads the pack with rent growth of 16.0 percent year over year thanks to new product and low vacancy,
coupled with rising demand. The entrance of several technology firms to the market including CentralSquare
Technologies, Finastra and Robinhood helped to bolster demand.
• Runner-up, University Area, has also benefited greatly from a growing tech sector, led by firms like Cubic
Corporation, Saab Defense and Hooverfly Technologies.
• Maitland and the Tourist Corridor also experienced healthy rent growth as the market as a whole tightened.
• The central business district leads the Orlando market with the highest asking rates, but lags on growth. However,
this trend is likely to reverse as several downtown assets undergo major facelifts, alongside new product
delivering this year and more construction likely to break ground in 2020.
• With UCF’s downtown campus already buzzing and EA Sports’ big move to Creative Village in the works, the appeal
of Orlando’s CBD will increase dramatically over the coming years.
December 9, 2019
Orlando
$28.20
$26.88
$25.90
$29.00
$28.12
16.0%
14.0%
9.9%
6.5%
5.7%
0%
5%
10%
15%
20%
25%
30%
$15.00
$17.00
$19.00
$21.00
$23.00
$25.00
$27.00
$29.00
$31.00
Lake Mary University Maitland CBD Tourist Corridor
3Q 2018 Rent 3Q 2019 Rent % Change