Village/Town Center Projects Lead Area Retail Growth

ORLANDO-Metro Orlando developers are focusing on village and town center projects more than any other retail development category as continued residential growth demands a changing trend, according to a new industry analysis by the Orlando-Atlanta offices of Trammell Crow Co.

The average vacancy level among four main submarkets in the area’s 29.4-million-sf inventory is at 7%. No new major developments will be surfacing this year, but a total 1.3 million sf of various projects are nearing completion. Absorption totaled 361,000 sf in 2002. The available rent range is $8.89 per sf to $14.70 per sf.

“The market has held remarkably strong, despite concerns over a troubled economy and terrorism,” Trammell Crow senior vice president John M. Crossman tells Globest.com. “Tourism numbers were down, but remained steady all year, with some healthy spikes during peak seasons.” The opening of the $250 million Mall (1.3 million sf) at Millenia and the expansion of the Florida Mall to 1.6 million sf during 3Q 2002 increased some tourist interest in Central Florida, Crossman says.