Study: Florida ranks third in nation in office space demand

When it comes to demand for office space, Florida is No. 3 in the county, according to a new study. Highland Cabinetry, headquartered in Phoenix, conducted the research and compiled the report. Topping the list for office space demand are California and Texas.

To determine demand, Highland Cabinetry found the number of searches for terms related to “office rental” using Google Keyword Planner. The company also evaluated the amount of available office space and the average price per square foot. Then using data points including population, search volume, availability and pricing, the company created a scoring system on a scale of 0 to 100 to compare the states.

Florida had the second-highest number of office rental-related searches per 100,000 people, after Massachusetts, according to the study. The Sunshine State saw 56,060 searches related to office rentals, which amounted to 260 searches per 100,000 people, according to Highland Cabinetry.

Availability of office space is low in Florida, with 9,841 office spaces available for 21.54 million people, the study shows. It has roughly half the amount of office space compared with Texas.

The cost of office space is also relatively low in Florida, with $35.94 as the average price per square foot — similar to pricing in Texas. Leading the country in office space cost is Massachusetts, with $74.15 per square foot, the study found. (Massachusetts was No. 4 overall in office space demand, coming in after Florida, according to the rankings.)

Louisiana has the highest availability of office space with 41,379 spots available and the lowest cost, with the price averaging $23.52 per square foot, the study shows.

Recently, an economist said the Fort Myers-Naples area was third in the country for absorption of office space, after Brooklyn, New York, and Nashville, Tennessee.