Master-planned communities don’t always turn out to be the success that their developers envisioned but at Lake Nona, a 17-square-mile master-designed development in Orlando, Florida, developer Tavistock’s vision appears to have come to fruition. The development encompasses all the requisite ingredients for a 24/7 destination, including neighborhoods with housing options ranging from multifamily units to residential estates to accommodate a spectrum of incomes, primary and secondary schools and a junior college, hospitality offerings, expansive green space, retail packed into commercial clusters, and office space, plenty and plenty of office space. This is the place where Disney, until just a couple of months ago, had planned to build its new $1 billion campus. Carefully designed to be more of a cutting-edge city-within-a-city than a traditional master-planned community, Lake Nona centers on one key concept: innovation. Innovation in health and wellness, innovation in technology, and perhaps most unique, innovation in collaboration.
Lake Nona encompasses approximately 1.3 million square feet of office space, all Class A, with more on the way. As Orlando continues to fight to regain its footing post-pandemic, Lake Nona’s roughly 15-year-old office segment is performing very well. The master-planned community’s total office vacancy rate of just 7.3 percent in the first quarter of 2023 was less than half that of the Class A stock in metropolitan Orlando, which recorded a total vacancy rate of 14.7 percent, according to research from JLL. And while the metro area experienced negative net absorption, Lake Nona posted positive net absorption.
So, what is Lake Nona’s
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