At the moment Orlando Realtors are making hay. It is all in the numbers: the rate of apartment occupancy increased to 94.5% from 93.9% of the previous year. As per the Charles Wayne, Consulting Inc published semi-annual report of residential markets, more than 19,000 units have been taken on lease. The 2009 report for Orlando showed only 87.5% occupancy in the multifamily residential space. So figures indicate a sharp rise in real estate leases in the region.
The real estate picture in Orlando
The rate of occupancy increased in nine submarkets of Orlando. Three submarkets, however, exhibited a slight decrease in demand. Occupancy rates were seen to be highest in the Apopka market. Apopka boasted of an average of 97.1% occupancy in September this year. Osceola County and South Orlando also showed high demand.
There was a discernible softening of demand in the Winter Park, Maitland, and North Orlando region. Only 90.8% of the total apartment complexes were occupied. The data, however, incorporate new projects currently under completion. The Charles Wayne Consulting census collated data from about 660 complexes within the Orlando area.
Approximately 3,000 units are being leased each year in the Orlando region. More than double the number of units are being built every year. The rate of apartment buildings being constructed has at least tripled in the previous two years. About 7,124 units were under construction in September compared to 1,929 units that were being built in September 2012.
Sales and leases
The Orlando real estate agent, Sperry Van Ness Florida sold 9 acres of land on State Road 50 in the Clermont area for a sum of $1.27 million. The seller was represented by Miguel de Arcos, of the Lake Mary office, Sperry Van Ness Florida. The buyer was represented by Karen Wentzell of Schmid Properties and Centennial Bank N.A.
A lease of 11,500 square feet at 755 Rinehart Road in Lake Mary was signed by the Florida Hospital Medical Group. The group was represented by Sarah Castor of the Cresa Orlando. Approximately 3,000 square feet were leased by Night Lite Pediatrics at the Hunt Club Shopping Center in Apopka. The tenant was represented by Bill Bagley, Dunhill Properties Inc. Saul Holdings Limited Partnership, the landlord was represented by Coldwell Banker’s Alana Hogan.
