Vacancy rates continue to move up, raising 210 basis points quarter-over-quarter to 13.8% overall.
The direct average asking lease rate started the year at $24.98 per sq. ft., only a small increase from the previous quarter but representing a 2.2% gain year-over-year.
Two buildings were under construction at the close of Q1 in the Orlando market, totaling 220,687 sq. ft. -one Downtown and the other in North Orlando.
Collaboration I & II in the University/Research Park Submarket was delivered, adding 42,286 sq. ft. to the market.