Market Trend: Orlando’s Retail Vacancy Decreases To 7.7%

Nov 13, 2013 No Comments by

The Orlando retail market did not experience much change in market conditions in the third quarter 2013. The vacancy rate went from 7.8% in the previous quarter to 7.7% in the current quarter.

Net absorption was positive 242,039 square feet, and vacant sublease space increased by 30,532 square feet. In second quarter 2013, net absorption was positive 182,606 square feet.

Tenants moving into large blocks of space in 2013 include: Walmart Neighborhood Market moving into 57,747 square feet at 4518-4568 S Semoran Blvd; Walmart Market moving into 42,000 square feet at 2801 S Orange Ave.; and Ross Dress for Less moving into 27,647 square feet at 1201-1301 WP Ball Blvd.

Quoted rental rates increased from second quarter 2013 levels, ending at $14.44 per square foot per year.

A total of 15 retail buildings with 120,483 square feet of retail space were delivered to the market in the quarter, with 108,435 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. National Retail vacancy rate, which remained at 6.7% from the previous quarter, with net absorption positive 18.41 million square feet in the third quarter. Average rental rates increased to $14.54 this quarter, and 660 retail buildings delivered to the market totaling more than 13.8 million square feet.

 

Source:  CoStar

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Industry News, NA, Retail
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