· Covers 3Q 2026 · Data as of October 2026 · Ironmark research
Orlando industrial vacancy was 9.3% in 3Q 2026 (data as of October 2026), and average asking rent was $10.72 per SF per year, according to Ironmark’s 3Q 2026 Orlando Industrial Brief.
Orlando’s core emptied while the rest of the metro kept filling. In the third quarter, the change in occupied space (space tenants moved into, minus space they moved out of) was +64.0K SF. Over twelve months it was (265K) SF, a net loss, and the loss traces to established buildings in southwest Orange County, where occupied space fell 1.36 million SF with no new buildings finished. Vacancy, the share of space that is empty, rose to 9.3%. About 3.56M SF is being built, and most of it has no tenant yet. Asking rents average about $10.72 per SF a year. The typical sale was $185 per SF, at a 6.7% cap rate (the yearly return from rent, as a % of the price), but the biggest buildings sold far below that.
See how Orlando compares with Florida’s other industrial markets in the statewide market data table.
What happened in Orlando industrial in 3Q 2026
The bottom line: the core emptied; the rest filled up.
- For tenants: about 3.56M SF is being built, mostly near the airport, and most of it has no tenant yet. You have room to negotiate on new space.
- For owners: the southwest core lost 1.36 million SF of occupied space in 12 months, and new buildings are not the cause. Price empty space against today’s competition.
- For buyers: Whirlpool’s 753,000 SF warehouse sold for $103 per SF, against a typical sale of $185. Size is the cheapest way in.
Four things defined Orlando’s past 12 months: big new leases in northwest Orange, a 1.36 million SF drop in occupied space in southwest Orange, new buildings with few tenants lined up, and a small drop in occupied space across the metro.
- Big leases: northwest Orange keeps signing. U.S. Lumber leased 575,343 SF at 4701 Apopka Logistics Pky in the third quarter, and GOFO Express 329,739 SF nearby in the second. After move-outs, occupied space in NW Orange rose 951,034 SF over 12 months, the most of any area.
- Tenants left the core. Occupied space in SW Orange County fell 1,362,387 SF over 12 months, with no new buildings finished there. In the other six areas it rose about 1.1 million SF. Vacancy rose 1.4 pts to 9.3%.
- New space outran demand. Over 12 months, occupied space fell 265,000 SF across the metro, while 3 million SF of new buildings opened. Lake County has the most empty space (15.0% vacancy); its occupied space fell 259,807 SF.
- Building ahead of tenants. About 3.56M SF is being built. The project-by-project data lists 46 buildings, and only 16.7% of that space is already leased. SE Orange has 2.47 million SF of it (15.0% leased); Osceola is the most leased, at 33.3%.
Jobs were mixed: total jobs in the Orlando-Kissimmee-Sanford metro area rose 1.0% (about 14,300 jobs) from September 2025 to September 2026, while transportation, warehousing and utilities jobs fell 3.8% (about 2,400 jobs; preliminary).
Orlando industrial by area, 3Q 2026
Ironmark reads Orlando as four zones. In 12 months, occupied space fell 1.36 million SF in the southwest core (16% of all space), where almost nothing is being built, and rose 691,000 SF in northwest Orange and Lake. The airport and Osceola zone has 70% of the space being built; 17% of that is already leased.
| Zone | Share of metro space | Being built (SF) | Change in occupied space, 12 mo (SF) | Vacancy (% empty) | Rent vs metro average | Already leased (% of space being built) |
|---|---|---|---|---|---|---|
| Airport & Osceola | 37% | 2.86M | 28K | 8.9% | +2% | 17% |
| Northwest & Lake | 32% | 883K | 691K | 11.7% | −7% | 15% |
| Southwest core | 16% | 30K | (1.36M) | 9.6% | +5% | 0% |
| Seminole & east Orange | 15% | 322K | 379K | 5.2% | +6% | 16% |
| Orlando | 100% | 4.09M | (265K) | 9.3% | — | 17% |
All industrial buildings, data as of October 2026; zones and zone totals are Ironmark analysis. Change in occupied space = space tenants moved into minus space they moved out of over 12 months; figures in brackets are drops. Rent vs metro average = each zone’s asking rent (weighted by building size) against the metro average. Already leased = share of the space being built that has a tenant. Area figures count every project in the source data, so they total more than the market consensus at the top of this page. Airport & Osceola = SE Orange County, Osceola County; Northwest & Lake = NW Orange County, Lake County; Southwest core = SW Orange County; Seminole & east Orange = Seminole County, NE Orange County.
Where you sit drives the rate. NE Orange rents run 33% above the metro average; Lake sits 18% below. Lake has the most empty space at 15.0%, followed by NW Orange (10.6%), SW Orange (9.6%) and SE Orange (9.5%); Osceola has the least at 5.0%. Occupied space rose most in NW Orange, by 951,000 SF; it fell most in SW Orange, by 1.36 million SF.
Orlando industrial capital markets: sales volume, pricing and cap rates
Bigger buildings sell for less per foot. Orlando industrial sales totaled $1.7 billion over the past 12 months across 410 transactions, against a $597 million long-run yearly average. The estimated market value rose 6.6% in a year to $175 per SF; the typical sale (the middle of all sales) was $185. The biggest buildings sold far below that: Whirlpool at $103, McCoy Logistics Center at $119 and the CVS distribution center at $80 per SF.
Same park, different price. At McCoy Logistics Center in December 2025, the same buyer (Cabot) paid the same seller $64.1 million for a 540,399 SF building, $119 per SF, and $37.9 million for its 154,292 SF neighbor, $246 per SF: less than half the price per SF for the bigger building in the same closing month. The biggest buyers over the past 12 months were Ares Management ($167 million), Cabot Properties ($131 million) and Deutsche Bank AG ($110 million).
Outlook. Blackstone was the largest seller: $405 million across 19 sales, at an average $127 per SF. Watch whether large buildings stay cheaper per foot as less new space is built. Until that gap closes, size is the cheapest way into Orlando.
Ironmark’s read on Orlando industrial
What we’re seeing on the ground.
“Orlando’s biggest occupancy loss over the past year came from SW Orange, where 1.36 million square feet emptied and no new buildings were finished.”
The easy read on Orlando is too much new supply. The area-by-area numbers say otherwise. Occupied space in SW Orange County fell 1,362,387 SF over the past twelve months, with no new buildings finished and only 30,000 SF being built. Take it out and occupied space in the other six areas rose about 1.1 million SF. That is established, close-in space emptying. Leasing there has not stopped: OnTrac took 128,341 SF at 2505 Consulate Dr and 187,196 SF leased at 2702 Directors Row in Q3. Asking rent there still grew 4.4% and runs about 5% above the metro average. Owners in SW Orange should price empty space against today’s competition, not last year’s asking rent. Tenants now have room to negotiate in the core. Lake County, at 15.0% vacancy, is the other place to press.
— Matthew L. Phillips, SIOR · (561) 621-5466
“In Orlando, the bigger the building, the cheaper the foot. Cabot paid $119 for a 540,000-SF building and $246 for its 154,000-SF neighbor.”
The typical Orlando industrial sale (the middle of all sales) was $185 per SF over the past twelve months. The very large warehouses did not come close. Whirlpool’s 753,164 SF traded at $103, the CVS distribution center at $80, and McCoy Logistics Center’s 540,399 SF building at $119. McCoy is a 2023 build, so this is not an age discount: in the same December closing, Cabot paid $246 for a 154,292 SF building in that park. Occupancy does not explain it either: the 352,268 SF Building 100 at 3140 Supply Chain Cir sold empty at $105, in the same range as the fully leased buildings. For a buyer looking for very large warehouses, size is the cheapest way into a market whose sale price rose 6.6% over the past year. For an owner of a mid-size building, the headline sales of very large warehouses are the wrong comparisons.
— Troy Schaafsma, SIOR · (561) 621-5489
Frequently Asked Questions
What is the industrial vacancy rate in Orlando?
Industrial vacancy in Orlando, the share of space that is empty, was 9.3% in 3Q 2026 (data as of October 2026), up 1.4 points in a year and above the 7.2% U.S. rate, according to Ironmark’s 3Q 2026 Orlando Industrial Brief. Lake County had the most empty space at 15.0%, while Osceola (5.0%) and Seminole (5.1%) had the least.
What does warehouse space rent for in Orlando?
Asking rents for Orlando industrial space averaged about $10.72 per SF per year in 3Q 2026, the middle figure of other firms’ third-quarter reports, per Ironmark’s 3Q 2026 Orlando Industrial Brief. Across all buildings, rents rose 4.0% in a year. NE Orange rents run 33% above the metro average and Lake County 18% below.
Is Orlando industrial demand growing or shrinking?
Both, depending on the period. In 3Q 2026 the change in occupied space (space tenants moved into, minus space they moved out of) was +64.0K SF by the middle figure of other firms’ third-quarter reports. Over 12 months it was (265K) SF (a net loss), per Ironmark’s 3Q 2026 Orlando Industrial Brief. The loss traces to SW Orange County, where occupied space fell 1.36 million SF with no new buildings finished; in the other six areas it rose about 1.1 million SF.
What are Orlando industrial buildings selling for, and at what cap rate?
The typical Orlando industrial sale (the middle of 407 sales over the past 12 months) was $185 per SF and the cap rate, the yearly return from rent as a % of the price, was about 6.7% in 3Q 2026, per Ironmark’s 3Q 2026 Orlando Industrial Brief. About $1.7 billion sold in the 12 months. The biggest buildings sold far below the typical price: Whirlpool’s 753,164 SF building at $103 per SF and the CVS distribution center at $80.
How much industrial space is being built in Orlando?
About 3.56M SF of industrial space was being built in Orlando in 3Q 2026, the middle figure of other firms’ third-quarter reports (their figures range from 2.90M to 3.78M SF), per Ironmark’s 3Q 2026 Orlando Industrial Brief. In the project-by-project data, only 16.7% of the space being built is already leased; SE Orange County holds 2.47 million SF of it, 15.0% leased, and Osceola is the most leased at 33.3%.
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The complete PDF includes the zone and area charts, the top sales and leases, the largest buildings being built, the same-park pricing comparison, the top buyers, and full sources and definitions. Prepared by Ironmark — free, no obligation.
Ironmark Florida Industrial Brief — Orlando Edition. This brief is Ironmark Capital Advisory’s own analysis and commentary, covering 3Q 2026 with data as of October 2026; it is informational and not tax, legal, or investment advice. Sources: the third-quarter change in occupied space, the asking rent and the space being built are market consensus, the middle figure (median) of third-quarter 2026 Orlando reports from CBRE, JLL, Cushman & Wakefield, Lee & Associates (rent and space being built only), Avison Young and Newmark; their figures for space being built are 2.90M to 3.78M SF. From this edition the headline asking rent is the middle figure of other firms’ third-quarter reports; earlier Ironmark briefs used an estimate covering every building, which runs higher, so the two are not directly comparable. Jobs data from the U.S. Bureau of Labor Statistics (Orlando-Kissimmee-Sanford metro area, September 2026, preliminary); zones, zone totals and commentary are Ironmark analysis. © 2026 Ironmark Capital Advisory.