Central Florida has held up relatively well in terms of multi-tenant retail demand and investment activity. The majority of Orlando’s retail indicators are outperforming the National Index with minimal signs of upcoming weakness. Orlando’s multi-tenant retail demand is fueled by the largest tourism industry in the nation and one of the nation’s most robust population and job growth rates, which have encouraged consumer spending over the last five years. The Villages, Ocala, and Homosassa Springs witnessed fewer job losses than other Florida markets. Ocala posted among the least amount of job losses in Florida, and employment growth rates held up better than the national average. Ocala is less dependent on tourism than other Florida markets, leaving retail to rely entirely on the local economy and labor force. As a result, Ocala’s employment growth rate exceeded the national average, which translated to improving purchasing power and consumer spending, while Homosassa Springs also added 830 jobs. Gainesville holds a world-ranked university, according to the U.S. News & World Report top 100, the University of Florida, which helps drive the local economy.
Category: Shopping Centers Tags: Central Florida, Multi-Tenant Retail, Shopping centers
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