Mall and big-box developments account for two-thirds of 2.3 million sf of that new space, according to a new study by the Orlando office of Grubb & Ellis Co. First-quarter vacancies are at 6.9%, fractionally up from 6.4% for all of 2000.
"Despite the slowing economy and rising fears of additional layoffs, Central Florida's retail market is faring well," Jeffrey S. Sweeney, managing director, Grubb & Ellis, Orlando, tells GlobeSt.com.
Sweeney banks his optimism on a report from the University of Florida's Long-Term Economic Forecast office that projects 35,000 new residents are arriving annually in metro Orlando and 800,000 visitors march into the area each week.
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