- Siemens Energy has signed a lease for 242,760 SF at Lake Nona Town Center, marking Orlando’s largest new office lease since 2015.
- The company will move from its long-held campus near the University of Central Florida to a more modern, energy-efficient space by 2027.
- The deal underscores tenant demand for high-end office space, even in second-tier markets like Orlando, despite broader leasing challenges.
A Landmark Lease for Orlando
Siemens Energy has signed a blockbuster lease deal in Orlando, reports CoStar. The company is committing to roughly 242,760 SF in Lake Nona Town Center. The move marks the largest new office lease in the city since 2015. The German energy conglomerate will relocate its regional hub from 4400 Alafaya Trail to the 6876 Marwick Lane building, occupying seven of its eight floors starting in 2027.
Shifting To Modern Spaces
The upcoming relocation will end a decades-long presence at the company’s current campus near the University of Central Florida. Though the new office footprint is slightly smaller than its 255K SF Alafaya Trail site, Siemens Energy is moving forward with the relocation. The company cites enhanced technology, better amenities, improved sustainability, and greater flexibility as key motivators for the move.
Company leaders said the shift will help meet growing demand for its services. It will also support plans to expand its Orlando-based workforce, which is already around 3K strong. Hundreds of new hires are expected in the coming years.
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A Boost For Lake Nona — And Tavistock
The lease is a major win for Tavistock Development Co., which completed construction on the Marwick Lane property in 2023 after breaking ground during the early pandemic. The building is part of Lake Nona’s broader strategy to position itself as a hub for innovation and high-quality office space.
Why It Matters
The Siemens lease reflects a broader trend in the US office market: flight to quality. The market is still recovering from pandemic-era disruptions. Class A office buildings, known for premium design, sustainability features, and top-tier amenities, are leading the way. According to Kastle Systems, the best office buildings have returned to 90%+ pre-pandemic usage levels on peak days.
Despite Orlando’s reputation as a quieter market compared to Florida peers like Miami or Tampa, demand for quality office space is heating up. Siemens Energy’s decision highlights growing interest even in less flashy metro areas.
The Bigger Picture
While Orlando has generally weathered the post-COVID office downturn better than many cities, 2024 has marked its weakest year for demand in 25 years. Vacancy now hovers around 10%, up from pre-pandemic levels—though still below the national average of 14%.
With new office construction at record lows nationwide, competition is intensifying for move-in-ready space. Tenants are locking in leases to secure top properties before options run dry.
What’s Next
Siemens Energy’s relocation could catalyze further corporate movement in Orlando’s office sector. With construction starts down and tenants growing choosier, premium spaces like Lake Nona’s are well-positioned to dominate the next phase of office leasing in Central Florida.
