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Rents Rebound, Boosted by Spring Bump Orlando multifamily showed signs of improvement after nine months of negative or flat rent movement, as reported in the latest Yardi Matrix Orlando multifamily market report. The average advertised asking rent was up 0.2%, on a trailing three-month basis as of May, to $1,767,…
Orlando multifamily vacancy is poised to tighten in 2026 for a third consecutive year after inventory expanded over 20% in five years, signaling a return to rent growth.
Orlando's office market in Q1 2026 recorded a vacancy rate of 16.5%, down 40 basis points from the prior year, with asking rents rising to $26.65 per square foot, while leasing activity totaled 456,000 square feet, down 14.9% year-over-year, with the central business district accounting for 32.2% of new leases. Class A properties dominated leasing at 60.7% of total activity, though rents declined 3.8% year-over-year to $28.45 per square foot, while the Airport/Lake Nona submarket experienced the highest vacancy at 30.8% and steepest rent decline of 5.1% year-over-year.
Orlando's industrial market recorded a vacancy rate of 8.1% and net asking rent of $9.49 per square foot in Q1 2026, with year-to-date net absorption of 187,100 square feet despite leasing activity declining 70.5% year-over-year to 696,000 square feet, the slowest quarter since early 2020. The market faces upward vacancy pressure from 3.1 million square feet under construction with only 30.9% preleased, while employment grew 0.7% year-over-year with Orlando's unemployment rate rising to 4.1% as of Q4 2025.
Orlando's retail market in Q1 2026 showed strong performance with net absorption of approximately 540,000 square feet over the preceding 12 months, vacancy near historic lows at 3.9%, asking rents at $31.19 per square foot reflecting 5.4% year-over-year growth, and sales volume reaching $523 million. The market remained structurally undersupplied with only 1.17 million square feet under construction, mostly preleased, while leasing activity rose more than 15% year-over-year despite tenant expansion constraints from limited availability.
Orlando's multifamily market delivered 9,503 units in the past 12 months (expanding inventory by 4.4%), but construction activity declined 34.1% year-over-year to its lowest level since 2020, with stabilized occupancy falling 70 basis points to 92.0% and effective rents declining 2.1% to $1,804 per month. Net absorption totaled 1,866 units through 2026 year-to-date, down nearly 1,000 units annually, with I-Drive Orlando and Southwest Orlando submarkets leading the region in absorption despite high new supply levels.
Orlando's retail market in Q1 2026 experienced supply-side constraints with only 857,000 square feet of new space delivered over the past 12 months while overall vacancy remained under 4.0%, driving average asking rents to $31.29 per square foot, a 5.1% year-over-year increase that outpaced the national average. The investment sales market remained resilient with $1.5 billion in transaction volume over the last 12 months (a 4.8% year-over-year increase), though retail demand contracted with 155,000 square feet of net occupancy losses in Q1, with cap rates ranging between 5.0% and 7.0%, below the national average of 7.3%.
This is a Q1 2026 industrial sector data and figures report for Orlando published by CBRE in March 2026.
This is a first-quarter 2026 office market data and figures report for Orlando, Florida published by CBRE on March 31, 2026.