Two years after the start of the COVID-19 pandemic, the Florida commercial real estate market has shown signs of growing rental activity. The reason is, companies keep bringing their employees back to offices and resuming regular work.
Even though there is still a lot of available office space in the local market, its value in Orlando increased by 4.5% compared to the previous year, while the rent reached the highest level in the city’s history, having grown from $25 to $27 per square foot.
The curious thing about the post-pandemic market of office properties in Florida is that many local companies and enterprises have already brought their staff back to offices. In fact, the majority did this about 18 months ago. It concerns Fortune 500 large global or national companies headquartered in this state that entertain more conservative views of working at the office.
The commercial real estate market in the central part of Florida is extremely busy at the moment, and tenants are particularly active. One of the key trends is the growing number of requirements for new office space from companies who wish to upgrade their workplaces and hire new professional staff.
Tenants looking for office premises want to find premises where their employees can enjoy spending their work hours. Commercial real estate with numerous facilities – cafés or restaurants, gyms, outdoor sites, and other unique amenities providing comfortable conditions for staff – is particularly sought-after.