Steady Activity, Head Winds Ahead
The first quarter of 2020 will forever be marked as one of the most dynamic quarters in history for the office market throughout Central Florida. As the 2020 year began, activity throughout (sales, leasing, construction) remained positive, carrying over from a steady flow of activity in 2019. Lease rates continued to climb quarter over quarter and transaction volume remained above normal. Interest rates were at near all-time lows, providing cost-effective financing helping to bolster and carry on the 10-year record economic growth and investment activity experienced throughout the market. Unemployment in the region, the lowest in recent history and well below the national average, was championed by many in the local market.