A booming economy and robust job growth, particularly in professional and business services, continue to propel Orlando’s office market. The vacancy rate is significantly below both the national average and Orlando’s long-term average of about 10%, despite loosening in recent years as more than 3.6 million square feet of new office space has been added since 2017.
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Booming population and job growth in Orlando have supported high demand for industrial units and vacancy has stayed below the long-term average for more than five years. Vacancy remains tight despite an increase in development and Winn-Dixie vacating more than 1 million square feet in Q2019. The rate could compress by as much as 60 basis points alone with Amazon's upcoming occupation of that space.
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The market is already seeing limited new retail construction, which could keep vacancies low. The rate has so far only slightly risen from historical lows. Many new retail groundbreakings are unlikely to move forward in the coming months, which should at least slightly cushion the coronavirus’s below to the market’s retail vacancy rate. However, store closures are likely to ramp up due to the pandemic.
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