Orlando office demand leaders and laggards heading into the final months of 2024

To say that office demand in Orlando has been weak in 2024 would be an understatement. Total net absorption in the last 12 months, or the difference between move-ins and move-outs, is sharply negative at negative 243,000 square feet. The vacancy rate has risen by nearly 100 basis points in the last 12 months, and leasing activity has declined by 11% compared to last year.