News
Orlando, Fla. (December 20, 2024) – Foundry Commercial’s Orlando office team recently advised on the sale of 1991 Summit Park Drive in Maitland, representing the landlord. The deal highlights the improving office demand in Central Florida, particularly in the Maitland submarket just north of Orlando’s downtown.
In addition, Foundry’s Orlando office team was involved in the sale of Summit Park I, Summit Park II, and Summit Park III to Charles Schwab. In total, Charles Schwab has now closed on over 500,000 square feet in Maitland, as the company shifted some jobs to the Orlando market as well as made several recent acquisitions. This significant transaction reflects growing confidence in Maitland Center, long recognized as one of the greater Orlando region’s largest employment hubs, while also challenging reports of stagnation in the office market.
“Central Florida’s office market is showing clear signs of recovery and confidence in the return to office by major office users like Charles Schwab,” said Alex Rosario, Partner at Foundry Commercial. “This transaction demonstrates the strong demand from investors and tenants for well-located office properties, particularly in established submarkets like Maitland, Winter Park, and the CBD.”
Maitland has historically been a key employment hub outside the urban core. Home to notable employers such as AdventHealth, Spectrum, and Ravago Manufacturing, Maitland continues to attract significant tenant interest. Recent data from CoStar highlights this trend, with the Maitland submarket absorbing 240,000 square feet of office space in 2024, a stark rebound from negative absorption of 290,000 square feet the previous year. Foundry notes that with this purchase and additional leasing activity in the submarket, Class-A vacancy in Maitland is poised to drop to single digits, mirroring a trend already seen in nearby Winter Park.
“It’s exciting to see a Fortune 500 company like Charles Schwab expanding its presence into Central Florida,” said John Pietkiewicz, Partner at Foundry Commercial. “This speaks volumes about the market’s appeal and its ability to attract high-caliber tenants seeking access to a talented workforce and convenient location.”