Orlando Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $26.74 2023 Avg. Asking Rent
  • 3.11% Y-o-Y Avg. Asking Rent Change
  • 17.04% 2023 Office Vacancy Rate
  • $52.8M2023 Total Office Sales
  • $157.03Avg. Sale Price/SF

Orlando office price per square foot in 2023 was $26.74 on average. This marked a +3.11% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.04% across all asset classes combined. The 10 transactions that closed here throughout 2023 amounted to a total sale volume of $52.8M. Orlando office space commanded an average sale price per square foot of $157.03.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Orlando Class A & A+ Office Space$28.65
  • Orlando Class B Office Space$26.85
  • Orlando Class C Office Space$20.77
  • Florida Class A & A+ Office Space$36.87
  • Florida Class B Office Space$27.52
  • Florida Class C Office Space$32.32

Orlando, FL Office Asking Rents by Class

Average office rent in Orlando rested at $26.74 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Orlando averaged $28.65 per square foot. Across all submarkets, class B office space recorded an average asking rent of $26.85 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.77 per square foot, on average. Comparably, statewide Florida average office rents by class in 2023 were: $36.87 per square foot for class A office space; $27.52 per square foot for class B office space; $32.32 per square foot for class C office space.

2023 Office Vacancy Rates in Orlando

Submarket Asking Rents Vacancy Rates
Kissimmee $31.73 7.89%
Downtown Orlando $31.07 21.67%
Southeast Orlando $28.54 3.70%
University $26.99 13.25%
Northeast Orlando $26.58 10.61%
Tourist Corridor $25.55 16.29%
Northwest Orlando $24.00 7.56%
Metro West - Park Central $23.93 17.68%
Southwest Orange County $23.18 1.71%
Maitland $19.70 21.45%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Orlando market was 17.04% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Orlando was 1.71% in the Southwest Orange County submarket, while the highest office vacancy in the market was 21.67%, recorded in Downtown Orlando.

Office Spaces for Rent in Florida

Orlando Office Sale Price per SF

  • $157.032023 Avg. Price per SF
  • -11.96%Y-o-Y Avg. PpSF Change
  • $52.8M2023 Office Sales Volume
  • 102023 Number of Transactions

Orlando, FL Sale Price per SF Trend

  • Orlando Avg. Sale Price per SF in 2023$157.03
  • Florida Avg. Sale Price per SF in 2023$213.92
Orlando office space cost in 2023 marked a -11.96% change compared to the previous year. The sale price for office space in Orlando averaged $157.03 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $213.92 per square foot.

2023 Office Sales Volume

  • Orlando, FL Total Office Sales Volume in 2023 $52.8M
  • Orlando, FL Total Number of Office Sales Closed in 2023 10
A total of 10 deals closed on the Orlando office market in 2023, adding up to a yearly sales volume of $52.8M. Notably, the largest transaction on the market saw 1745 North Mills Avenue change hands for $13,200,000 on 8/9/2023.
Data provided by Commercial Edge

Coworking Spaces in Florida

2023 Office Construction in Orlando, FL

  • Orlando, FL Total SF completed in 2023 1,098,139
  • Orlando, FL Total SF under construction in 2024 361,123

During 2023, 1,098,139 square feet of new office space were delivered across the market. At the close of 2023, the Orlando office inventory included 7 buildings equal to or larger than 25,000 square feet, which comprised 1,098,139 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 361,123 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Orlando
Office building Address SF Completed
The Edge 225 S Garland Ave, 32801 198,000 2024
2130 South Orange Avenue 2130 South Orange Avenue, 32806 53,048 2024
One Performance Plaza 6424 Alexandra Louise Drive, 32827 152,784 2023
Lake Nona Town Center - 13495 Veterans Way 13495 Veterans Way, 32827 68,398 2022
295 NE Ivanhoe Blvd 295 NE Ivanhoe Blvd, 32804 20,000 2021
Lake Nona Medical Office Building 6718 Lake Nona Blvd, 32827 45,513 2020
6718 Lake Nona Boulevard, Ste. 100 6718 Lake Nona Boulevard, Ste. 100, 32827 41,051 2020
Truist Plaza 333 South Garland Avenue, 32801 449,676 2019
Liberty Corner 100 E Colonial Dr, 32801 137,540 2019
Kirkman Point II 7141 South Kirkman Road, 32819 134,000 2017

Worth noting among recent office completions on the Orlando market is The Edge, which is currently the largest new office development in the city, at 198,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Orlando commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.