The overall vacancy rate for Q2 2020 stood at 11.2%, up from 9.1% the previous quarter, and an increase of 228 basis points (bps) from this time last year.
The uptick in vacancy was a result of tenants giving back 352,300 sq. ft., ending the positive run that has been exhibited over the last several quarters.
The direct average asking lease rate stood at $23.96 per sq. ft., representing a 0.8% gain year-over-year but slightly down from year-end 2019.
Seven buildings were under construction at the close of the quarter in the Orlando market, totaling 279,800 sq. ft.