Orlando Market Overview
The Orlando market has four dominant sub-markets that account for about 60% of the approximately 106 million total square feet:
- Orlando Central Park, including McCraney Property Company’s John Young Business Park
- Northwest-Silver Star-Apopka
- Southeast-International Airport
The market is roughly defined as Orange, Seminole, and Osceola counties, with Orange divided into geographic quadrants. Southwest Orange County has the largest amount of industrial inventory, at 37 million square feet. It is followed by Southeast Orange at 30 million square feet and Northwest Orange at 22 million. Osceola has the smallest amount of space, at roughly 7 million square feet.
Individual properties are a mix of manufacturing, office service and warehouse/distribution. By far, most of the space is for industrial use. A relatively small percentage is flex space.
The office market has almost 66 million square feet, about one-fifth of that in downtown Orlando. Most office space in the metro area is Class B or Class C. The centerpiece properties are the SunTrust Center (594,627 square feet), Bank of America Center (421,209 square feet), One Orlando Centre (360,000 square feet) Sea Harbor Office Center (357,202 square feet) and CNL Center 1 (354,000 square feet). All but Sea Harbor are in downtown Orlando.
The retail market has more than 73 million square feet, led by The Florida Mall (1.8 million square feet and 250 shops), The Mall at Millenia (1.2 million square feet and 150 shops), Downtown Disney Marketplace and two Orlando Premium Outlets (1.4 million square feet combined).
The greater Orlando area also includes Lake County, for a total of 3,491 square miles that have easy access to I-4, I-75, Florida’s Turnpike and I-95. Orlando International Airport is third for origins and destinations and 13th busiest in the nation.
The Orlando metro area is the 25th largest in the nation with more than 2.2 million residents. The median age is 37.6 years, and more than one-third of the population is between 20 and 44.
The region’s leading employers are in tourism, aerospace and defense, life sciences and biotechnology, and simulation and training. The largest employers are Lockheed Martin, Northrup Grumman, Siemens Energy, Mitsubishi Power Systems and Walt Disney World.
About 1 million people are employed in metro Orlando. The median family income in 2013 is an estimated $58,492.
The region is home to global destinations such as Walt Disney World, plus the University of Florida, which has the Institute for Simulation and Training and the Center for Research and education in Optics and Lasers. The Central Florida Research Park is adjacent.
Lake Nona Medical City, a life sciences cluster, includes Sanford-Burnham Medical Research Institute, M. D. Anderson–Orlando Cancer Research Institute, University of Central Florida College of Medicine, Nemours Children’s Hospital, Orlando Veterans Affairs Medical Center, and the Veterans Administration Simulation Learning.
Other institutions of higher learning and research include Rollins College, Valencia College, Seminole State College of Florida, Lake-Sumter State College, Keiser University, DeVry University and the University of Florida Institute of Food and Agricultural Sciences.
Orlando residents enjoy a number of cultural and other quality-of-life benefits including the Orlando Magic, a philharmonic orchestra, a ballet company, Atlanta Braves and Houston Astros spring training, more than 170 golf courses, an art museum and zoo.
The metro area has an active business and real estate community, with the Metro Orlando Economic Development Commission, U.S. Dept. of Commerce Export Assistance Center, NAIOP Central Florida chapter, Commercial Real Estate Women Orlando, Orlando Office Building Owners and Managers Association and numerous local chambers of commerce.