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Osceola County Among Nation’s Tightest Retail Corridors,
Backstopping Market Fundamentals
Vacancy meager in southern suburbs, despite sizable new supply. Available space in Orlando was at historic lows over the past year, supported by mild construction. Half of the square footage added during this period was in the South Outlier submarket, an area encompassing the southernmost portion of Orange County and the majority of Osceola County. In the latter, the number of households is expected to grow by over 14 percent through the next four years. Strong residential demand has stirred tenants’ needs for nearby retail spaces recently, evidenced by local vacancy falling to 1.1 percent in March. Conditions here remain the tightest among major U.S. submarkets with at least 10 million square feet of inventory, indicating that the local 750,000-square-foot pipeline projected for 2023 is warranted. With nearly 90 percent of this volume accounted for as of May, the vacancy rate could remain nationally tight near-term.