A total 7.8 million sf of new space is either proposed or under construction. On the drawing boards is another 2.5 million sf. A total 3.9 million sf came on line in the last 12 months. And the average vacancy rate of 9% is one of the lowest in the state.
"Orlando continues to exhibit strong population and employment growth, translating to an increase in demand for retail products and services," Real Estate Specialists Inc. president Alan Charron tells GlobeSt.com.
Retail expansion in the immediate future is expected to be dominated by new mall construction and expansion of existing properties, category killers and supercenters locating in new markets and repositioning in old ones.
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