With Kirkman Point Underway, Orlando is Ready to Add New Office Space

By Georgiana Mihaila, Associate Editor South American investors have managed to complete the first of four planned office buildings this past month, adding some of the first new office space the Orlando commercial market has seen in nearly five years, the [...]

South American investors have managed to complete the first of four planned office buildings this past month, adding some of the first new office space the Orlando commercial market has seen in nearly five years, the Orlando Sentinel reports.

New office space has been an anomaly in the region due to the 15 to 17 percent vacancy rate in existing Class A buildings. Yet the Interstate 4 corridor from Disney to Sanford seems to be a hot spot for development as many companies are looking for more exposure and better access.

Duke Realty is building the 133,000-square-foot Kirkman Point, an office building located on Kirkman Road in the south Orlando market, for Megastron Development. The building is slated for completion in February of this year and represents the first phase of Megastron’s 650,000-square-foot mixed-use development, the Kirkman Point Professional Park; the developer will be seeking a LEED silver certification from the U.S. Green Building Council for the building located on 16 acres at South Kirkman Road and Carrier Drive. The property has yet to find a tenant, but according to Betsy Owners—office broker with Cushman & Wakefield—negotiations are underway with a tenant for the majority of the space. If a deal is signed, work is set to start on the second phase of the development.

Orlando also has other projects in the pipeline, including the 1.04 million-square-foot second phase of Health Village, located at Orange Avenue and Rollins Street.