Market

The 99M square foot office market in Central Florida has been under pressure over the last 3 years. We have seen a marked increase in vacancy and a continual flood of sublease space as employment continues to sag. From a tenant’s perspective, the real estate market’s softness has created a unique opportunity to right size space and reduce occupancy costs. With vacancy rates currently at over 17%, we expect this figure to continue to climb and rents to continue to fall. Since 2008, rental rates have fallen on average by 16%. Additionally, tenant improvement allowances and rent concessions are at a 10 year peak. With unemployment at above national levels, we do not anticipate any new development in the foreseeable future.

Company

Cresa is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including: Transaction Management, Project Management, Strategic Planning, Workforce and Location Planning, Subleases and Dispositions, Portfolio / Lease Administration, Capital Markets, Sustainability, Industrial / Supply Chain and Facilities Management. With more than 55 offices, Cresa is the largest tenant representation firm in North America. Through its alliance with Savills, one of the world's largest commercial real estate services firms, Cresa covers more than 255 locations in 40 countries.

Cresa Orlando is the largest pure corporate real estate services company in Central Florida. With over 22 years in business, we have successfully represented Central Florida businesses with a value-added approach. We view ourselves as more of a strategic advisor than a conventional broker. Unlike transaction-oriented brokers, we function as consultants, first understanding your organization, then guiding you through the complexities of the real estate market. We work through each phase of your project with the long-term goal of becoming your company’s trusted resource for facilities matters.