Recently, I reviewed CoStar’s Quarter 1 2017 Office Market report. Here are a few highlights:
- Vacancy decreased to 7.9% which is the lowest combined vacancy figure since 2007
- The largest lease signings occurring in 2017 included 60,000 square feet by ServiceNow, Inc. at Science One and 22,819 square feet by Shutts & Bowen LLP at Lincoln Plaza in the Downtown market.
- The average quoted asking rents rate was $19.70 per square foot which represents a 1.1% increase
- South Orange County submarket vacancy rate is at 3.5%, the West Outlier submarket vacancy rate is at 3.4%, and Winter Park submarket is at 3.2% while Altamonte/Douglas Market submarket is at 10.5% and Orlando Central Park submarket is at 18.7%