The downtown Orlando office market is showing signs of improvement. The submarket had a 20.1 percent vacancy rate in the fourth quarter 2009, improved to 17.4 percent in 2010's fourth quarter. This is in comparison with a fourth quarter 2010 vacancy rate of 19.2 percent in the Orlando market as a whole, which was worse than fourth-quarter of 2009's 18.7 percent.
Leasing activity in buildings such as Gateway Center, One Eleven and The Plaza has helped the fourth quarter improvement.
There is still strong competition and therefor, the average asking lease rates dropped in the Orlando market. The average asking lease rate in the fourth quarter 2009 was $21.18 per square foot. In the fourth quarter 2010, the rate was at $20.69 per square foot.