What cap rates are industrial properties trading at in Orlando right now?

Orlando industrial cap rates in Q1 2026 range from approximately 5.0% at the core end to 9.0% at the opportunistic value-add end — a spread wide enough that the question of what "industrial cap rates" are in Orlando almost requires a follow-up question about what type of asset and which submarket you are underwriting.

At the institutional core end, stabilized urban infill assets in the OCP, Silver Star, and 33rd Street corridors are trading at 5.0%–5.8%. These are land-constrained markets with zero new pipeline and sub-5% vacancy, which is why institutional buyers with long hold horizons and low return requirements are paying $200–$241 per square foot for them. The data points are recent and verifiable: TIAA paid $241.99/SF for Midtown Commerce Center at approximately a 5.3% cap, RREEF/DWS paid $201.72/SF for Princeton Oaks at approximately 5.8%, and CenterSquare Investment Management paid $221.76/SF for a Vineland Business Center asset at approximately 5.7%. These buyers are not speculating on rent growth — they are purchasing durable, rent-secured cash flows in supply-constrained submarkets.

One tier out, newly delivered or recently stabilized Class A bulk assets along the Airport/SE Orange and SR-528/Beachline corridors are transacting at 5.8%–6.5%. Cabot Properties' acquisition of McCoy Logistics Center (837,115 SF, $156.49/SF) at roughly 5.9% illustrates the pricing for large, well-located Class A product with institutional-quality tenants. These assets attract a broader buyer pool including merchant developers exiting their built product, pension fund advisors, and open-end core funds.

Value-add lease-up plays in West Orange and the I-4 West corridor are being priced at 6.0%–7.0% going-in on the assumption that below-market rents and moderate vacancy create mark-to-market upside. The 14.9% vacancy in West Orange sounds alarming until you recognize that the submarket's asking rents ($12.39/SF W/D) are among the highest outside the CBD — suggesting the vacancy reflects tenant quality selectivity and normal rollover timing rather than structural weakness.

The most significant spread exists in Apopka/Northwest Orange, where opportunistic buyers are entering at 7.0%–9.0% going-in caps on lease-up plays. High Street Logistics Properties paid $129/SF (approximately 7.1% cap) for a 246,000 SF building at Mid-Florida Logistics Park — below replacement cost on a project that Trammell Crow developed at considerably higher land and construction costs. Fort Capital has been active in the same corridor at similar going-in yields.

It is worth noting the context around where rates sit today versus the 2022 trough. Cap rates expanded 50–100 basis points during the 2022–2024 rate cycle, which means buyers entering now are getting 50–100 bps of additional yield versus investors who acquired at the cycle peak. Life company debt is currently quoting approximately 225 basis points over Treasuries for well-located, low-leverage industrial assets — the tightest institutional spread available for Florida commercial real estate — which means the debt cost and going-in cap relationship still supports reasonable initial returns for disciplined buyers.

The deal screener on the Industrial Hub allows you to filter acquisitions by cap rate target, corridor, strategy, and building size. The NOI and valuation calculator lets you stress-test any acquisition against a range of entry caps, exit caps, and financing assumptions in real time.