A sizable chunk of office space is hitting the market in Lake Mary, Florida — a Seminole County city known for attracting corporate relocations — as companies continue to mull their future workplace needs.
Brookfield-based fintech firm Fiserv Inc. (Nasdaq: FISV) is parting ways with 136,000 square feet of its space at Colonial Center 600 in Lake Mary where its lease ends in December 2022. CBRE Group Inc. (NYSE: CBRE) senior vice president Sandy Chace is marketing the space. It may take a year for Fiserv to move out of the office, which is being marketed to a future long-term user.
Fiserv executives weren't available for comment about their future office plans.
Lake Mary's office sector has been hammered during the pandemic, and it has the second-highest highest average vacancy rate among Orlando's biggest submarkets with more than 4 million square feet of space.
Office real estate issues
Fiserv is the latest Orlando company to offer up its space as the pandemic called into question future needs for office space across the globe. In fact, in November, a record amount of office sublease space hit the market in Central Florida, a sign some feared may mean less interest in the real estate sector moving forward. That's because many companies have found success working from home during the pandemic.
In the Milwaukee area, however, many companies are either moving workers back into the office or are planning to do so in the coming months. A number of local companies responded to the Milwaukee Business Journal survey of when and how they plan to reopening offices. Read their responses here: When will Milwaukee-area offices reopen? Find out from Milwaukee execs
