Orlando Sentinel

Metro Orlando is building

- By Bill Zimmerman

more office space to suit businesses than any other region in Florida, which is driving prices higher.

Metro Orlando is building more office space to suit businesses than any other region in the state, according to commercial real estate firm Cushman & Wakefield — and new constructi­on is pushing Central Florida prices higher than anywhere else in the state.

Here are some more numbers from the company’s secondquar­ter Florida office-rental report:

7 percent

Rise in asking rents in Metro Orlando, the top increase in the state — as asking prices reached $26.11 per square foot. Tampa Bay checked in at 4.5 percent, while prices dropped 2.7 percent in Miami.

“In Orlando, increases are mainly due to new constructi­on,” Cushman & Wakefield said in its report.

215,000 square feet

Amount of office space being built specifical­ly for Metro Orlando businesses, about 65,000 more square feet than Miami — and a much higher percentage of such space than Miami, at 28.5 percent to 14.4 percent. Only Broward County has a higher percentage than Orlando, at 35.7 percent, but that represents just 91,240 square feet of space.

Here’s a breakdown of the total office space under constructi­on in Florida’s top six markets:

Miami: 1,059,026 square feet, 85.8 percent speculativ­e

Orlando: 685,744 square feet, 71.5 percent speculativ­e

Broward: 255,340 square feet, 64.3 percent speculativ­e

Tampa: 250,000 square feet, 100 percent speculativ­e

Palm Beach: 224,000 square feet, 100 percent speculativ­e

Jacksonvil­le: 210,867 square feet, 100 percent speculativ­e

1.3 percent

Amount of Metro Orlando rents compared with the prerecessi­on peak, which considerab­ly trails the statewide average of 12.5 percent. South Florida markets are pushing rents highest past the previous peak, with Miami fueling that move at 17.9 percent.

$35

Per-square-foot asking prices of Metro Orlando “trophy-class” office buildings, which have the best locations and are more exclusive than Class A space. The trophy premium in Orlando is 34 percent, a little less than the state average. Got a news tip about taking care of your money, or jobs and careers in Central Florida? wzimmerman@tronc.com or Twitter, @ZMediaWork­s

 ?? BILL ZIMMERMAN/STAFF ?? SunTrust Tower, in downtown Orlando at South Street and Garland Avenue, is one of the projects being built for specific businesses.
BILL ZIMMERMAN/STAFF SunTrust Tower, in downtown Orlando at South Street and Garland Avenue, is one of the projects being built for specific businesses.

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