Orlando Retail Market Report

Vacancy drops to record low. Metro population has grown by more than 200,000 residents since 2017, a pace that will accelerate over the near-to mid-term and continue to drive consumer spending in the market. Additionally, the state's tourism campaign, Visit Florida, contributed to the largest wave of domestic visitation to the state on record in 2021. As a result, demand for retail space surged, with tenants absorbing over 1.1 million square feet during the past year ending in March. Availability contracted 70 basis points over this span to 4.3 percent, the lowest rate in more than 15 years. Overall, at least 20 new leases for 20,000-square-foot-plus spaces have been signed during the past four quarters, highlighted by the 103,000-square-foot deal inked by BJ's Wholesale Club in Casselberry.