Despite a high demand for luxury retail complexes in the recentpast, retail construction starts are expected slow slightly fromlast year's numbers. Last year, the area saw four million sf breakground. On a more positive note, average sales values are expectedto increase 3% in the next year. But what Marcus & Millichapcannot predict is how tourism–particularly in light of the Sept. 11terrorist attacks–will affect the market.
Retail vacancy currently is riding at about 9%. "Central Floridahas the luxury of continued population growth without relyingcompletely on job creation," Steven Ekovich, Marcus &Millichap's regional manager, said in a press release. "While thetourism industry has experienced some difficult times, thepopulation shifts that have tilted the country to the south willcontinue to fuel the region's economy.
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