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Central FL Retail Space Demand Softens

ORLANDO-Rising unemployment and falling tourism will moderate property fundamentals.

By Carl Cronan | Updated on April 06, 2009

(Carl Cronan is editor of Real Estate Florida.)

ORLANDO-Retail property fundamentals will moderate in 2009 because of rising unemployment and falling visitor volume, reports Marcus & Millichap. Even though construction volume will be less than a third what it was last year, there appears to be no avoiding a vacancy creep to 10%.

Negative net absorption is projected throughout the Orlando market as retailers close locations and curtail store openings. Vacancy increases will be worse in outlying areas, such as Lake and Osceola Counties, where population growth has slowed due to the sluggish housing market.

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