According to analysis from The Instant Group, flexible workspace demand in Orlando has risen three percent in the first half of 2023 over the first half of 2022 but 81 percent in the first half of 2023 compared to the first half of 2019.
Demand
Demand for spaces with 25+ desks continues to grow. In 2022, demand for spaces of this size accounted for seven percent of total demand; in 2023, it accounts for 11 percent. Flexible workspace demand for spaces with 3-9 desks is also up, accounting for 41 percent of total demand in 2023 compared to 38 percent in 2022. Smaller requirements for 1-2 desks only account for 36 percent in 1H 2023, down from 41 percent in 2022.
Supply
Flexible workspace supply in Orlando has grown by just two percent in 2023 when compared to 2022. The city’s supply is predominantly hybrid workspaces, accounting for 56 percent of the total flexible workspace supply. Serviced offices comprise 40 percent of the supply, and coworking spaces make up just four percent of supply.
Rates
Achieved rates for workstations have increased 11 percent in 2023 year-to-date when compared to 2022 ($552 per desk per month vs. $495 per desk per month). However, in 2019, the cost per desk for flexible space in Orlando averaged $558 per desk per month.
Comparatively, the average desk rate per month for flexible workspace in Miami was $666 in 2023, according to The Instant Group’s recently released North America report, “Beyond the Traditional Office: Trends and Insights in North America’s Flexible Workspace Market.”
Industry Growth
Between the first half of 2022 and the first half of 2023, The Instant Group saw a 50 percent increase in demand from the healthcare industry; a 50 percent increase in demand from professional services; and a 100 percent increase in demand from entrepreneurs and freelancers.
“The cost per desk for flexible workspace in Orlando is relatively low compared to South Florida, so we see a lot of the new traffic price-shopping against other Florida markets,” said Max Brizer, senior digital solutions manager, The Instant Group. “Much of the interest we see is for spaces in the Central Business District and from the healthcare and life sciences industries; however, we also see some movement in the suburbs as people prefer to work closer to home and avoid traveling into city traffic and fighting rush hour.”
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Methodology
The included data is compiled via The Instant Group’s leading flexible workspace data platform, Instant Insight, and includes Orlando CPD,
Rate data is based on transacted rates, providing the most accurate view available within the industry, while demand data is based on demand coming through The Instant Group’s digital booking platform, Instant Offices. Percentage change is based on relative change.
A glossary of flexible workspace terms is also available from The Instant Group.
