Avison Young has completed three new office leases totaling 30,127 square feet in suburban Orlando. The tightening office market in Orlando is reflected in the recent transactions completed by Avison Young’s Emily Zinaich, Senior Vice President, and Patrick Morrison, Associate, which represent 35.5 percent positive absorption at ChampionsGate and 14.7 percent at Premier Point North and South. Noting trends in the market of increased speed of transactions and move-in timelines of new tenants, as well as flight to quality, the team advised the ownership group on capital investment in the form of upgrades and ready-made spaces, and the need for swift pace for negotiations. This proactive approach resulted in Avison Young securing the following new tenants on behalf of the ownership of these assets:
- An architecture and design firm will take 14,146 square feet at Premier Point North and South, a 2-building office complex totaling 95,976 square feet at 237 S. Westmonte Drive in Altamonte Springs.
- A time-share owner/operator will take 10,691 square feet at ChampionsGate, a 3-story, 44,812 square foot class A office building located at 8390 ChampionsGate Boulevard in a world-class mixed-use resort destination. Requiring a quick move-in, the turnkey space was key to securing this tenant at the building.
- A resort and golf club operator also will take 5,290 square feet at ChampionsGate. The lease was fully executed within two weeks of initial contact, and the tenant was in the space and operating within 4 days of it being vacated by the previous tenant.
“With 681,981 square feet of absorption of office space in Orlando’s suburbs to date this year, the declining availability of well-located quality space is creating a sense of urgency in the market,” said Zinaich. “As requirements change for tenants, buildings that can accommodate today’s ‘new world order’ will reap the reward of positive absorption and ability to increase rental rates.”
————————-Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below. ]]>
Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning.