The overall vacancy rate for Q1 2020 stood at 9.1%, staying the same as the previous quarter, and is up 37 basis points (bps) from Q1 2019.
Orlando's office market finished Q1 2020 with net absorption of 190,340 sq. ft., continuing the positive run that has been exhibited over the last several quarters.
The direct average asking lease rate stood at $24.17 per sq. ft., a 1.0% gain year-over-year.
Five buildings were under construction at the close of Q1 2020 in the Orlando market, totaling 256,900 sq. ft.