MIAMI—Orlando’s retail market is witnessing a bona fide recovery—or at least more stability than it has in recent years. Part of the proof comes via 10 new leases spanning 57,300 square feet.

CREC represented retail landlords of five Central Florida shopping centers in the deals. The 10 new tenants will occupy space at International Festival, Waterbridge Downs Shopping Center, Colonial Promenade, Hancock Village, and Berry Town Center.

“The retail market in Orlando is starting to slowly stabilize,” CREC vice president Josh Busby, who represented the landlords in all the transactions, tells GlobeSt.com. “Market rents are now balancing out with landlord's proforma rents, which creates opportunities for tenants to expand in the marketplace. We are also seeing tenants sales gradually increase which shows that consumers now have a little more disposable income to spend in the retail market.”

Among the deals, International Festival becomes home to Action Paintball of Orlando, which is taking 20,000 square feet of indoor space and a half acre of land for an outdoor facility. Bismillah Restaurant and Market is set to occupy 9,700 square feet. Moto X Bike is also leasing 2,100 square feet. Office Depot anchors the 131,585-square-foot retail complex at the corner of Kirkman Road and International Drive in Orlando.

“Landlords are still skeptical about investing any capital into local and regional tenants that do not have a solid credit history,” Busby says. “Most landlords would prefer to offer free rent in lieu of a tenant allowance. This is a win-win for both the landlord and the tenant. The landlord is able to retain valuable capital and the tenant is able allocate money that would have been spent on rent towards marketing, build-out and FF&E.”

Several of the deals took place at Waterbridge Downs Shopping Center. The shopping center  leased 6,535 square feet to Studio One Fitness, 1,400 square feet to Junior’s Caf