Scroll Down
Strong Property Performance Is Set to
Endure as Tourism Sector Advances
Tenant expansion warranted amid resilient consumer spending. Local population gains in each of the last three years exceeded the pre-pandemic norm. With a swiftly growing resident base, the need for essential retailers like grocery stores is on the rise. Taking advantage of this flourishing demand, H Mart will open a location in the West Colonial submarket in 2025. Additionally, Sprouts will open a store in Poinciana, while Target moves into a 150,000-square-foot lease in LakeNona Central. Consumer demand will also likely be bolstered by a strong tourism sector. Though domestic visitor volume to Orlando fell slightly in 2023, the dip was offset by a boost in international tourism during the same period. A handful of improvements to Orlando’s theme parks will likely further draw additional visitors, bringing a swell of traffic to nearby retailers. Universal Orlando Resort will introduce Epic Universe, a new theme park that is expected to attract millions annually when it opens in May. SeaWorld Orlando will also open a new attraction mid-year. This mix of population growth and strengthening tourism should support a sturdy long-term outlook for local retailers.