Orlando Office Figures - Q3 2026

Conditions in Q3 2026 showed firmer occupancy and moderating leasing activity compared with Q2 2026. Net absorption improved to 112,000 sq. ft., up from 32,000 sq. ft., marking a third consecutive positive quarter in 2026.

Vacancy fell 20 basis points quarter-over-quarter, from 16.8% to 16.6%, while availability declined 100 bps to 19.5%, indicating occupiers took more space than they returned. Leasing volume eased to 520,000 sq. ft., down from 890,000 sq. ft., yet above any quarter in 2023, and average asking rent increased to $29.67 per sq. ft., up from $28.34 per sq. ft., with a modest pipeline of 40,000 sq. ft. under construction and no deliveries.

Over the full period from Q3 2021 through Q3 2026, the market moved from rising vacancy to easing availability and improving demand. Vacancy rose from 13.2% in Q3 2021 to 17.5% in Q4 2025 before edging down to 16.6% in Q3 2026, while availability climbed to 21.9% in Q2 2023 and then decreased to 19.5%.

Net absorption was negative in most quarters between 2021 and 2025, with notable losses in 2022 and 2023, before turning consistently positive in 2026.

Construction activity moderated as the development pipeline was delivered, with new space totaling 979,000 sq. ft. by Q3 2026. Despite elevated vacancy, average asking rates steadily increased from $25.66 per sq. ft. in Q3 2021 to $29.67 per sq. ft., and leasing activity strengthened from 2022–2023 levels to a high of 1.03 million sq. ft. in Q3 2025, with 2026 volumes above 2023 levels.