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Office Insight

United States | Orlando, FL

Report | Orlando Office Insight - Q1 2011

Summary

• Orlando’s unemployment improved to 10.8 percent in February, down over 14.0 percent, year-over-year. Tourism continued to be the main driver of the market, with job growth led by leisure and hospitality, which has now seen escalating growth for the past twelve months.
• Orlando is currently at the bottom of the market. While direct vacancy remained stable around 18.0 percent in the first quarter, sublease vacancy continued to decline for the third straight quarter, driving the total vacancy to decline by one percent from fourth quarter 2010.
• Other market fundamentals tightened, with total absorption increasing for the second straight quarter, again led by strong gains in the sublease market.

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