And it probably will stay that way for awhile, predicts John M. Crossman, senior vice president/retail services director, Trammell Crow Co., Orlando. "It's a very serious problem," Crossman tells GlobeSt.com, "and the results could have been much worse if more product would have come on line."

He says the theater industry, particularly in Central Florida, was growing rapidly, "faster than demand." At the same time, newer retail developments were planning to use theaters as anchors. "Several (retail) projects were saved by not doing the theater deals," Crossman recalls.

Three out of 13 closed cinemas have reopened under new ownership and management in the last 18 months. They are the exception rather than what might have become the rule in other real estate categories.