Regional Summaries

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Orlando, FL

The Orlando apartment market remains tight. Reis put fourth quarter 2016 vacancy at 4.6%, down 10 basis points for the period and up 40 for the year. The completion of 312 units in January 2017 contributed to a 20-basis-points increase. Rent growth, down in 2016 from the previous year’s extraordinary gains, remains strong nonetheless. At $1,068 and $1,018 per month, fourth quarter asking and effective averages represented gains of 3.7% and 4.1% for the year. Growth rates in the fourth quarter alone, the year’s smallest, were 0.7% and 0.6%. Small losses followed in January. VIEW APARTMENT LISTINGS >
While declining, Orlando warehouse/distribution sector vacancy remains relatively elevated. The rate closed the fourth quarter of 2016 at 12.6%, unchanged for the period but down 90 basis points for the year. A sum of 87,000 square feet of net absorption in January 2017 alongside no new supply shaved 10 additional points from the rate. At $4.84 psf and $4.39 psf, fourth quarter average asking and effective rents for warehouse/distribution space were up 2.3% and 2.6% year-over-year. Respective gains in the fourth quarter alone were 0.6% and 0.7%. Increases of fully 0.4% and 0.5% followed in January. VIEW INDUSTRIAL LISTINGS >
Vacancy in the Orlando general purpose, multi-tenant office market has been declining. The rate closed the fourth quarter of 2016 at 14.3%, a loss of 50 basis points for the period and a decline by fully 190 for the year. Rent growth, running from about 1.5% to about 2.0% per annum over the past three years, has been slow. At $22.60 psf and $17.99 psf, average asking and effective rates for the fourth quarter of 2016 represented gains of 1.9% and 2.2% for the year following nearly identical increases the year before. Gains in the fourth quarter alone were 0.6% for both rates. January 2017 followed with no space delivered, net absorption at effectively zero, gains of 0.1% in both average rents, and no change in the vacancy rate. VIEW OFFICE LISTINGS >
Vacancy in the Orlando community-neighborhood shopping center market ended the fourth quarter of 2016 at 11.2%, up 10 basis points for both the period and the year and a relatively high rate by current national norms. At $18.93 psf and $16.30 psf, mean asking and effective lease rates for community-neighborhood center space in metro Orlando were up 2.3% and 2.4% for the year. Gains in the fourth quarter alone were 0.4% each. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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