With more than 2.8 million sq. ft. of new deliveries in 2020, the vacancy rate has increased 20 bps year-over-year to 7.5%.
Orlando’s industrial market posted 2020 net absorption of 3.3 million sq. ft. This was largely propelled by e-commerce tenants entering and expanding in the market.
While Orlando's overall unemployment has increased as a result of the pandemic, the transportation and warehousing sector has seen significant growth in 2020, adding new jobs at 3.1%.