CREC Moves Show Thawing Orlando Retail

ORLANDO—CREC is proving to other Florida markets that there's plenty of retail business to be done in the Orlando area. The firm has inked 14 leases totaling a 23,850 square feet of retail space within the past 30 days and added six new retailers to its client roster.

“This surge of transaction activity since the start of the new year signals continued interest among retailers seeking to occupy premium shopping center locations in neighborhoods offering easy access to major thoroughfares and close proximity to residential population density,” says CREC vice president Josh Busby. “With the region's consumer economy strengthening, we anticipate regional and national tenants will continue to expand in key submarkets throughout Central Florida.”

CREC has also been tapped to identify and secure new retail locations for regional and local tenants. Rent King, which is seeking 6,000 to 9,000 square feet. Workout Anytime, which is in the market for 5,000 to 6,000 square feet. Original Mattress Factory in its search for locations offering between 2,400 and 3,000 square feet. Woody's BBQ, which has a requirement of 2,000 to 3,000 square feet. Script Exchange Pharmacy as it seeks spaces with 2,200 to 2,500 square feet. Signature Cleaners in its search of locations offering 1,200 to 2,000 square feet.

According to Marcus & Millchap's 2013 Retail Research report, the Orlando retail market will strengthen in 2013, bolstered by employment gains, population growth and increased tourism. Employers in the metro will step up hiring this year, led by the addition of 8,000 leisure and hospitality workers. Vacancy will dip 120 basis points.

“Retailers are responding to market improvements with expansion plans,” the M&M report says “The gas station/convenience store segment is especially active with RaceTrac, 7-Eleven and Wawa all adding multiple sites this year. Other retailers with new stores under way include Dollar General, Family Dollar and Walmart.”