5×5 with CompStak: Is Orlando the Next Major CRE Market? – Podcast Recap with Amy Calandrino of Cushman & Wakefield

Two Florida office markets had two very different years. Orlando rents climbed 10.4% to $31.55 per square foot, while Miami’s fell 22%. That divergence signals a broader shift in Florida’s commercial real estate landscape, with Central Florida emerging as a more affordable, high-growth alternative to the state’s coastal markets.

Amy Calandrino, Director at Cushman & Wakefield in Orlando, joined the 5×5 with CompStak podcast to discuss what’s driving the market’s momentum. With nearly two decades of experience and both SIOR and CCIM credentials, Amy specializes in office, retail, and mixed-use properties across Central Florida.

Listen and watch the full episode on Spotify below.

Why Orlando Is Pulling Ahead

The fundamentals favor Orlando. The metro area’s population has grown from under one million in the 1980s to over three million today. The University of Central Florida ranks among the nation’s largest by enrollment, producing a steady pipeline of engineering and tech talent. And unlike a decade ago, graduates are staying.

“Orlando’s drastically different than it was 10 years ago,” Amy said. “I can’t wait to see what the next 10 years brings.”

Tenants are also relocating from South Florida, drawn by lower costs and a diversified economy. While Miami commands rents above $100 per square foot in prime submarkets like Miami Beach, Orlando’s highest-priced submarket, South Orlando, averages $41.72 per square foot according to CompStak data.

“You can get a lot more mileage with your budget in Orlando, as well as some great talent here,” Amy noted. “A lot of people nickname Miami the sixth borough. They aren’t wrong when it comes to pricing.”

Low Vacancy Creates a “Musical Chairs” Dynamic

Tight supply is intensifying competition. Landlords are pulling back concessions, with Orlando’s free rent ratio dropping 5.1% over the past year. Miami’s fell even further, to 3.2%.

For tenants, low vacancy means fewer options and faster decision-making. Amy described the current environment as “musical chairs,” where securing space in desirable submarkets requires brokers with deep local networks.

“If there’s a submarket you definitely want to be in, you have to work with someone who knows that market and knows of something coming before it goes online,” she said.

The largest office transaction in Orlando over the past year was Siemens’ 252,000 square foot lease at $44.88 per square foot. Financial services, insurance, and real estate tenants paid the highest rents, led by Rockefeller Capital Management at $72 per square foot in a new Winter Park development.

Medtail Is Reshaping Retail Real Estate

Beyond office, Amy highlighted the rapid growth of “medtail,” the trend of medical and wellness concepts moving into retail spaces. Stem cell clinics, hyperbaric chambers, IV therapy, and biohacking centers are proliferating in affluent submarkets like Winter Park.

“People are really biohacking and paying attention to their bodies and wanting to be the absolute best version of themselves,” Amy said. “We have explosive growth when it comes to health and wellness.”

These tenants prefer retail visibility over traditional medical office settings. Many are franchises or ambitious entrepreneurs with plans to scale, rather than corporate-owned national chains.

Orlando’s Diversified Economy Defies Stereotypes

Amy pushed back on the perception that Orlando remains a tourism-dependent market. While theme parks and hospitality drive significant economic activity, the region has built substantial depth in tech, medical, and manufacturing sectors.

“A lot of people think Orlando, they think Disney World,” she said. “But we have so much tech here, so much medical, and really diversified industries.”

Tourism itself has rebounded strongly, with Orlando welcoming over 75 million visitors last year. Major developments, including the Jacksonville Jaguars’ planned presence and potential baseball team, signal continued momentum.

Key Takeaways

• Orlando office rents rose 10.4% year-over-year to $31.55 per square foot, while Miami dropped 22% and the national average rose just 4.7%, according to CompStak data.
• Landlords are tightening concessions, with Orlando’s free rent ratio declining 5.1% and Miami’s falling to 3.2% as demand remains strong.
• Tenants are migrating from South Florida to Orlando for lower costs and access to a young, diverse workforce, with UCF ranking among the nation’s largest universities by enrollment.
• Medtail is emerging as a major retail driver, with wellness and medical concepts choosing retail visibility over traditional office settings in affluent submarkets.
• Orlando’s economy has diversified well beyond tourism, with significant growth in tech, medical, and manufacturing sectors supporting office demand.

Watch the full episode to hear Amy’s outlook on Orlando’s next decade and her advice for tenants navigating a tight market.