Orlando’s Retail Vacancy Decreases

May 29, 2012 No Comments by

The Orlando retail market did not experience much change in market conditions in the first quarter 2012.

The vacancy rate went from 7.2% in the previous quarter to 7.1% in the current quarter. Net absorption was positive 337,326 square feet, and vacant sublease space decreased by (16,442) square feet.

Tenants moving into large blocks of space in 2012 include: Action Paintball moving into 20,000 square feet at 6701-6733 S Kirkman Road; Office Depot moving into 18,247 square feet at 1728-1750 W Sand Lake Rd; and Famous Lables moving into 16,710 square feet at 3000-3262 Lake Washington Rd.

Quoted rental rates decreased from fourth quarter 2011 levels, ending at $15.17 per square foot per year.

A total of six retail buildings with 141,457 square feet of retail space were delivered to the market in the quarter, with 161,479 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. national retail vacancy rate, which stayed at 6.9% from the previous quarter, with net absorption positive 9.53 million square feet in the first quarter.

 

Source: CoStar

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Industry News, NA, Retail
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