Office sales and leases are nudging along, as evidenced by Tuesday's sale of a 5,588 square foot property in College Park.
Although on the small side, the $910,000 sale, by Ustler Development to Canadian investors MSR Americas, is being called part of a nascent upward trend in the office market. All other property types in Orlando have shown life, ranging from commercial to residential to industrial. With a recovery in office properties a final linchpin will be in place.
"Office is behind industrial and way behind retail," said Robbie McEwan, an investment specialist at Marcus & Millichap who brokered the deal for the property at 3107 Edgewater Dr. "But we're headed in the right direction."
Still, "We've got to overcome the new type of office environment where people are putting more bodies into smaller space," McEwan said.
The original asking price for the property was $990,000. Although Ustler Development took a bit of a haircut on the final price, property records show he owned the location since December 1998 and paid $395,000 for it. Does it have a name?
McEwan said he expects more activity as money from South Florida, New York and California comes looking to Orlando for higher yields. "The market has been hot and heavy in those places and they have become pricey," McEwan said.
The College Park office property contains Barton Chiropractic, H&H Insurance, Blezoo Marketing, a family counselor and accountants B.A. Hattaway.