Seminole county has an average office space vacancy rate of 19.1 percent for the first quarter 2010, compared with 21.1 percent throughout Central Florida. More rental office space came on the market in the first-quarter of 2010 than was leased. Prospective tenants in the county are being offered incentives from free rent to tenant improvements in order to fill the large amount of vacant office space. As for new office projects, the county is at a near standstill.
The asking rates for office space in Seminole county have fallen 30 percent in some cases. The average first-qurter 2010 asking rate for office space in Seminole County was $20.10 per square foot. The Orlando average is $21.32 per square foot.
Many buildings are unoccupied and the Colonial Center 400 Building in Lake Mary has the highest vacancy rate in the county with 65 percent vacancy of this 175,674 square-foot property.
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