The anticipated spike in vacancy has yet to occur, with Q3 2020 posting a 10-basis point increase to 11.7%.
The direct average asking lease rate closed the quarter at $24.68 per sq. ft., virtually unchanged from the previous quarter but representing a 4.9% gain year-over-year.
Six buildings were under construction at the close of the quarter in the Orlando market, totaling 254,519 sq. ft, all located in the suburban markets.
One building was completed in North Orlando totaling 25,261 sq. ft.