Central Florida’s

oversupply of office space is likely to get worse next year, a new report states.

Central Florida’s oversupply of office space is likely to get worse next year, a new report says.

Lake Mary led the area with 120,350 square feet of vacancies amid changes in office occupancy during the second quarter of the year, according to a report by commercial real estate broker JLL this week. Other losses were seen in Maitland (49,608) and southwest Orlando (41,821), while the region’s biggest gains were seen in the university area (87,386) and downtown (30,507).

Overall, Central Florida saw about 80,000 square feet of office space go unfilled, with vacancy up a tenth of a percentage point year over year to 10.3 percent, according to JLL.

New offices have only begun to make an impact. So far, about 119,000 square feet of office space has been added during the first half of the year, but another 454,800 square feet are being built that will push available space to more than 28 million square feet.

“Looming large vacancies are coming to downtown Orlando in late 2019,” JLL’s report said.

The office tower being constructed at Church Street and Garland Avenue, where SunTrust will move its headquarters, is a big part of 214,800 square feet of office space being built in downtown Orlando — and 454,800 for the region overall.

SunTrust’s Orlando corporate offices will vacate 250,000 square feet in two buildings along Orange Avenue. The bank will take 90,000 square feet in the new SunTrust Tower, which has another 110,000 square feet of office space along with an AC Hotel by Marriott, a SunRail station, meeting space and retail in the 28-story building under construction.

Other announced tenants include business consulting firm RSM and co-working provider E|Spaces.

Available space in and around Orlando could fill quickly, however, said analyst Chris Owen of commercial broker Cushman and Wakefield. Prospective tenants outside the area looking to establish operations here struggle to find large spaces of 20,000 square feet or more, he said.

“We’ve been crossed off so many lists for corporate expansion because we don’t have the space,” he said. “Most won’t wait three years for a new building to be constructed.”

Vacancy rates already rose above the region’s overall average in Altamonte Springs, at 26.2 percent, and Lake Mary, at 11.3 percent, during this year’s second quarter.

A 115,000-square-foot facility being built in Lake Mary, Edison at Primera, will be half leased when construction is completed sometime this month, JLL said.

Rents for offices as measured by JLL are highest in downtown Orlando, at an average of $27.97 per square foot, and the university area, at just a penny less. Class A space, the newest offices with the best amenities, are most expensive near the university at $33.73 per square foot, well ahead of downtown Orlando’s $29.48 average rate.

Class A space for the region is up 7 percent year over year, according to Cushman and Wakefield’s second-quarter report.

“Rents are not only at cyclical highs but historic highs,” Owen said.