Orlando Commercial Office Space for Rent

Q3 2026

Q3 2026 Orlando Commercial Real Estate Market Report

Focus: Q3 2026 Market Trends

Executive Summary

Orlando's commercial real estate market is healthy across the board. Office posted positive absorption with no new supply under construction, industrial vacancy fell to 8.4%, and retail vacancy sits at just 3.9%. Tenant demand on TenantBase shifted toward office in Q3: office space accounted for 54.4% of all Orlando tenant searches, nearly three times its 18.9% share in Q2, overtaking retail for the first time in 2026.

Sector Snapshot

  • Office: Stable. Vacancy held at 16.7% with 93,717 SF of positive Q2 absorption and no construction underway.
  • Industrial: Improving. Vacancy fell to 8.4%, down 60 basis points year over year.
  • Retail: Very tight. Vacancy was 3.9% with asking rents up 2.9% year over year.
  • Multifamily: Balancing. Deliveries are slowing sharply in 2026 as the pipeline shrinks.

Orlando Tenant Demand Index

The TenantBase Tenant Demand Index tracks what businesses across Central Florida are actively searching for on the TenantBase platform each quarter. Because it measures tenant intent before leases are signed, it shows where demand is heading ahead of traditional vacancy and absorption data.

Q3 2026 Search Share by Space Type (July 1 to September 30, 2026)

  • Office: 54.4%
  • Retail/Storefront: 44.0%
  • Warehouse/Industrial: 1.6%

Three-Quarter Trend

  • Office: 16.6% in Q1, 18.9% in Q2, 54.4% in Q3
  • Retail/Storefront: 59.4% in Q1, 58.4% in Q2, 44.0% in Q3
  • Warehouse/Industrial: 24.0% in Q1, 23.7% in Q2, 1.6% in Q3

Key Takeaways

  • Office demand has risen every quarter of 2026, from 16.6% to 54.4% of Orlando searches.
  • Short-term office demand keeps growing. Office searches for terms under one year rose from 47.5% in Q1 to 50.0% in Q2 and 57.4% in Q3.
  • Retail tenants favor 2 to 3 year terms. That term length grew from 23.0% of retail searches in Q2 to 34.6% in Q3.
  • The Airport area led location interest, followed by Millenia/MetroWest, Downtown, Winter Park, and University/Research Park.

Office Market

Key Metrics (Q2 2026)

  • Vacancy: 16.7%, unchanged year over year (Cushman & Wakefield)
  • Year-to-date net absorption: positive 170,419 SF (Cushman & Wakefield)
  • Average asking rent: $26.72/SF full service (Cushman & Wakefield)
  • Under construction: none (Cushman & Wakefield)
  • Tightest submarkets: Winter Park at 4.0%, Millenia/MetroWest at 10.8%, and Downtown at 11.2% (Cushman & Wakefield)
  • Highest vacancy: Airport/Lake Nona at 28.3%, with Siemens projected to occupy 242,700 SF in 2027 (Cushman & Wakefield)

TenantBase Office Activity

Demand share: 54.4% of Orlando tenant searches, up from 18.9% in Q2 and 16.6% in Q1.

Lease term preferences:

  • Less than one year: 57.4%
  • 2 to 3 years: 26.5%
  • 3 to 5 years: 13.2%
  • 5+ years: 2.9%

Space requirements by term:

  • Less than one year: 1,100 to 2,400 SF
  • 2 to 3 years: 1,056 to 2,222 SF
  • 3 to 5 years: 2,000 to 4,200 SF
  • 5+ years: 1,000 to 2,500 SF

Top locations: The Airport area was the most requested single area across all space types in Q3, followed by Millenia/MetroWest, Downtown, Winter Park, University/Research Park, and Northwest Orange. Many tenants searched broadly across the 436 corridor, Altamonte Springs, Downtown, and Lake Mary.

TenantBase data vs. the market: Orlando's most searched areas sit at opposite ends of the vacancy spectrum. The Airport/Lake Nona submarket, at 28.3% vacancy, gives tenants the most leverage in the metro, while Millenia/MetroWest, Downtown, and especially Winter Park, at just 4.0%, are tight. With no new office supply under construction, small tenants targeting those tight submarkets should start early.

Industrial & Warehouse Market

Key Metrics (Q2 2026)

  • Vacancy: 8.4%, down 60 basis points year over year (Cushman & Wakefield)
  • Year-to-date net absorption: positive 628,930 SF (Cushman & Wakefield)
  • Average asking rent: $9.52/SF net (Cushman & Wakefield)
  • Under construction: about 3.09 million SF, only 18.3% preleased, mostly in Airport/Lake Nona (Cushman & Wakefield)
  • Largest new lease: Unisource Food Service Equipment, 149,152 SF (Cushman & Wakefield)

TenantBase Industrial Activity

Demand share: 1.6% of Orlando tenant searches, down from 23.7% in Q2 and 24.0% in Q1. Industrial searches in Q3 averaged 3,000 to 5,000 SF.

TenantBase data vs. the market: With more than 3 million SF under construction and less than a fifth of it preleased, industrial tenants will have growing options, especially around the Airport and Lake Nona.

Retail Market

Key Metrics (Q2 2026)

  • Vacancy: 3.9% (Cushman & Wakefield)
  • Year-to-date net absorption: about 401,149 SF (Cushman & Wakefield)
  • Average asking rent: $31.18/SF NNN, up 2.9% year over year (Cushman & Wakefield)
  • Under construction: about 697,000 SF (Cushman & Wakefield)

TenantBase Retail Activity

Demand share: 44.0% of Orlando tenant searches, down from 58.4% in Q2 and 59.4% in Q1.

Lease term preferences:

  • 2 to 3 years: 34.6%
  • Less than one year: 26.9%
  • 5+ years: 19.2%
  • 3 to 5 years: 17.3%
  • 1 to 2 years: 1.9%

Space requirements by term:

  • Less than one year: 500 to 1,000 SF
  • 2 to 3 years: 1,000 to 2,500 SF
  • 3 to 5 years: 5,500 to 11,250 SF
  • 5+ years: 2,500 to 5,000 SF

TenantBase data vs. the market: Orlando retail tenants on TenantBase range from small short-term users under 1,000 SF to 3 to 5 year tenants seeking 5,500 SF or more. With vacancy at 3.9% and limited new supply, larger-format tenants face the tightest competition and should begin their search well ahead of their target opening.

Multifamily Market

About 9,100 apartment units are scheduled to deliver in Orlando in 2026, well below 2025 levels, and units under construction are down 20% year over year, according to Northmarq. Class A vacancy was 10.4% in Q1 2026, versus 6.2% for Class B and C properties.

Q4 2026 Outlook

  • Office: Expect stable vacancy with no new supply, as rising tenant search demand pressures tight submarkets like Winter Park and Millenia.
  • Industrial: Expect more tenant options as speculative space delivers.
  • Retail: Expect vacancy to stay near 4% and rents to keep rising.
  • Multifamily: Expect vacancy to improve as deliveries slow.

Frequently Asked Questions

What type of commercial space are Orlando tenants searching for in 2026?

In Q3 2026, office space made up 54.4% of Orlando tenant searches on TenantBase, followed by retail/storefront at 44.0% and warehouse/industrial at 1.6%. Office share has risen every quarter of 2026.

Which Orlando areas are tenants searching most?

The Airport area was the most requested area on TenantBase in Q3 2026, followed by Millenia/MetroWest, Downtown, Winter Park, and University/Research Park.

What lease terms do Orlando office tenants want?

57.4% of Orlando office tenants on TenantBase sought terms under one year in Q3 2026, and 26.5% sought 2 to 3 year terms.

What is the office vacancy rate in Orlando?

Orlando office vacancy was 16.7% in Q2 2026, with an average asking rent of $26.72/SF full service and no new office construction underway, according to Cushman & Wakefield.

What is the retail vacancy rate in Orlando?

Orlando retail vacancy was 3.9% in Q2 2026, with asking rents up 2.9% year over year to $31.18/SF NNN, according to Cushman & Wakefield.

How can I find commercial space in Orlando at no cost?

TenantBase matches business tenants with vetted independent tenant rep brokers across Central Florida at no cost to the tenant. Brokers are compensated by the landlord. Get started with TenantBase.

Sources

  1. TenantBase proprietary search data, Orlando, July 1 to September 30, 2026
  2. TenantBase, Orlando Commercial Real Estate Market Report, Q2 2026
  3. TenantBase, Orlando Commercial Real Estate Market Report, Q1 2026
  4. Cushman & Wakefield, Orlando Office MarketBeat, Q2 2026
  5. Cushman & Wakefield, Orlando Industrial MarketBeat, Q2 2026
  6. Cushman & Wakefield, Orlando Retail MarketBeat, Q2 2026
  7. Northmarq, Orlando Multifamily Vacancy Eases as New Supply Slows (June 19, 2026)

Disclaimer

Information in this report is aggregated from third-party sources and TenantBase proprietary platform data, and was synthesized with the assistance of AI. Market metrics reflect the most recent published data available at the time of writing. TenantBase search data reflects tenant activity on the TenantBase platform and is not a measure of total market leasing. All figures should be independently verified before making real estate decisions.