· Data as of 2Q 2026 · Ironmark research
Orlando’s industrial market is recalibrating after a three-year expansion that added 17.8 million SF to inventory. The headline — an 8.9% vacancy rate, a 12-year high — masks a sharp split: buildings over 500,000 SF are pushing toward 20% availability, while small-bay product under 20,000 SF sits below 4%. Rent growth has cooled to 4.1%, but leasing volume is up nearly 10% year-over-year, sales volume reached $1.8 billion over the trailing twelve months, and the construction pipeline is narrowing. The setup heading into 2027 is materially different from today’s tape.
What happened in Orlando industrial in 2Q 2026
Four threads define Orlando’s industrial story this quarter:
- Leasing velocity is firming. Total leasing volume rose nearly 10% year-over-year as landlords subdivided larger blocks to fit tenant demand. The 10K–50K SF cohort drove roughly a quarter of all activity.
- Vacancy is bifurcating by size. Vacancy in buildings over 500,000 SF is approaching 20%, while space under 20,000 SF sits below 4%. Concessions are emerging for big-box — not for small-bay.
- One lease anchored the year. Ryder Logistics’ 1.2M-SF occupancy at Apopka 429 accounted for more than half of Orlando’s 2025 net absorption — the first major large-format lease in NW Orange County since Amazon’s 1.1M-SF deal in 2020.
- The pipeline is narrowing by half. 3.94M SF remains under construction across 42 projects — a 1.8% expansion to inventory, well below the 17.8M SF delivered over the prior three years. Developers are reconfiguring toward smaller, more divisible product.
Orlando industrial by submarket, 2Q 2026
Orlando’s seven industrial submarkets tell the bifurcation story clearly. SE Orange County remains the engine — 31.5% of metro inventory and over two-thirds of all current development — while NW Orange County drove the year’s headline absorption on the back of the Ryder lease.
| Submarket | Vacancy | Asking Rent / SF | 12-Mo Net Absorption |
|---|---|---|---|
| NE Orange County | 5.1% | $19.74 | 44K SF |
| Seminole County | 5.4% | $15.41 | 151K SF |
| Osceola County | 6.5% | $15.52 | 182K SF |
| SE Orange County | 8.8% | $14.82 | 554K SF |
| SW Orange County | 9.3% | $15.22 | (1.19M SF) |
| NW Orange County | 10.6% | $14.08 | 2.09M SF |
| Lake County | 12.3% | $12.05 | 275K SF |
| Metro overall | 8.9% | $14.65 | 2.1M SF |
Asking rent in $/SF NNN; rent growth trailing 12 months. Where you sit drives the rate — NE Orange leads at $19.74; Lake trails at $12.05.
Orlando industrial capital markets: sales volume, pricing and cap rates
Capital is back — but disciplined. Orlando industrial sales volume reached $1.8 billion over the trailing twelve months, well above the 10-year annual average near $1.0 billion — up roughly 40% year-over-year, with institutional and private capital accounting for nearly 70% of activity.
Pricing has held firm even as cap rates have widened — logistics now trades 5.25%–6.00% versus the sub-4.50% prints of the prior cycle — signaling that rent growth and basis improvement have absorbed much of the rate move. Bid-ask spreads remain the friction point: broker-opinion-of-value requests have climbed as owners test where the market clears. Underwriting discipline is real; capital appetite is not the constraint.
Ironmark’s read on Orlando industrial
What Ironmark is seeing in the Orlando industrial market in 2Q 2026, beyond the reported numbers.
The Orlando story isn’t oversupply — it’s a mismatch. Big-box and small-bay are now two different markets inside one MSA.
Orlando’s 8.9% headline vacancy understates what’s happening on the ground. Buildings over 500,000 SF are pushing toward 20% availability, while space under 20,000 SF sits below 4% — two markets moving in opposite directions. The basis play is in functional small-bay product; the value-add play is in big-box assets that can be subdivided. We’ve seen owners push asking rents $0.50 per foot with each successive lease where supply is genuinely tight.
— The Ironmark read on fundamentals · (561) 621-5450 · hello@ironmarkcre.com
Capital is back at the table. The question isn’t whether to transact — it’s how the bid-ask gap closes.
Sales volume of $1.8B over the trailing twelve months tells you institutional capital has decided Orlando is investable again. Roughly 70% came from institutional and private buyers; private equity another 20%. Cap rates have expanded more than 50 basis points off the 2022 peak, yet pricing per foot has moved higher — $137 to $173 — meaning rent growth and improved basis have absorbed part of the rate move. Our read: capital wants product. The discipline is on underwriting, not on appetite.
— The Ironmark read on capital markets · (561) 621-5450 · hello@ironmarkcre.com
Frequently Asked Questions
What is the industrial vacancy rate in Orlando?
Industrial vacancy in Orlando was 8.9% in Q2 2026, a 12-year high and up about 50 basis points year over year, according to Ironmark’s Q2 2026 Orlando Industrial Brief. The headline masks a sharp split by size across Orlando: buildings over 500,000 SF are pushing toward 20% availability while small-bay product under 20,000 SF sits below 4%.
Is small-bay or big-box space tighter in Orlando?
Small-bay space is far tighter in Orlando: product under 20,000 SF sits below 4% vacancy while availability in buildings over 500,000 SF approaches 20%, per Ironmark’s Q2 2026 Orlando Industrial Brief. Concessions in Orlando are emerging for big-box space and not for small-bay, and the 10,000 to 50,000 SF cohort drove roughly a quarter of all leasing activity in Q2 2026.
What does warehouse space rent for in Orlando?
Average industrial asking rent in Orlando was $14.65 per SF NNN in Q2 2026, up 4.1% year over year, roughly three times the national pace, according to Ironmark’s Q2 2026 Orlando Industrial Brief. Submarket rents ranged from $12.05 per SF in Lake County to $19.74 per SF in NE Orange County, so where a building sits in Orlando drives the rate.
What are industrial buildings selling for per square foot in Orlando?
Orlando industrial sold at an average $173 per SF in Q2 2026, up from about $137 at the 2022 peak, per Ironmark’s Q2 2026 Orlando Industrial Brief. Sales volume reached $1.8 billion over the trailing twelve months, roughly 40% higher year over year and well above the 10-year annual average near $1.0 billion. Orlando pricing held firm even as cap rates widened.
What are industrial cap rates in Orlando?
Industrial cap rates in Orlando averaged 6.4% in Q2 2026, with logistics product trading between 5.25% and 6.00%, according to Ironmark’s Q2 2026 Orlando Industrial Brief. That compares with the sub-4.50% prints of the prior cycle, so rent growth and basis improvement have absorbed much of the rate move. Institutional and private capital accounted for nearly 70% of Orlando activity.
How much industrial space is under construction in Orlando?
Orlando had 3.94 million SF of industrial space under construction in Q2 2026 across 42 projects, a 1.8% expansion to inventory, per Ironmark’s Q2 2026 Orlando Industrial Brief. That is well below the 17.8 million SF delivered over the prior three years, and developers are reconfiguring toward smaller, more divisible product, so Orlando supply pressure eases into 2027.
Is industrial leasing activity growing in Orlando?
Total industrial leasing volume in Orlando rose nearly 10% year over year in Q2 2026 as landlords subdivided larger blocks to fit tenant demand, per Ironmark’s Q2 2026 Orlando Industrial Brief. The 10,000 to 50,000 SF cohort drove roughly a quarter of all Orlando activity, and Ryder Logistics’ 1.2-million-SF occupancy at Apopka 429 accounted for more than half of the metro’s 2025 net absorption.
Which Orlando submarket has the lowest industrial vacancy?
NE Orange County was the tightest Orlando industrial submarket in Q2 2026 at 5.1% vacancy, and it also carried the highest asking rent at $19.74 per SF, per Ironmark’s Q2 2026 Orlando Industrial Brief. Lake County posted the highest vacancy at 12.3% on the lowest rent at $12.05 per SF. SE Orange County holds 31.5% of Orlando inventory.
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Ironmark Florida Industrial Brief — Orlando Edition, Vol. I, No. I (Inaugural Issue). This brief is Ironmark Capital Advisory’s own analysis and commentary, current as of 2Q 2026; it is informational and not tax, legal, or investment advice. © 2026 Ironmark Capital Advisory.