Office tenants have limited options in Southwest Florida

The Southwest Florida markets of Fort Myers and Naples collectively have 33 million square feet of office inventory. Of that, only 1.6 million square feet are vacant, resulting in a 4.8% vacancy rate, one of the lowest in Florida. It has been over two years since vacancy was above 6% in the region, compared to the 2015 to 2019 average vacancy rate of 7%.