The big winners in South Florida Escalating Shopping Center Rents Show No Signs of Abating

Orlando Retail and Office Spiking

With Central Florida retail and office transaction activity spiking – and more regional and national businesses and retailers expanding – it’s a good time for brokers doing business in the region. CREC is one player that’s seeing traction.

CREC just inked 11 new leases and sales assignments across Central and North Florida. The deals add over 924,000-sqft of leasable space to its office and retail portfolio. CREC vice President, Joshua Busby, and Senior Leasing Associate, Nathan Cutchin, will lead leasing and sales efforts.

“The retail market in Central Florida is extremely strong right now,” Busby tells GlobeSt.com. “Numerous shopping centers are under development around Central Florida and the demand for quality space is driving rents to levels that we have not seen in years. Retail Sales are strong and tenants are now renewing early and exercising options, rather than terminating their lease or opting to miss the option notice to renegotiate the lease.”

CREC’s new retail and office assignments include: Magic Place is a retail and residential mega center with infill retail space, outparcels and seven high-rise condos and time share residences on US Highway 192 in Kissimmee, FL; DuPont Station, which spans 87,099-sqft with three fully built-out restaurant spaces and a 19,982-sqft former grocer space available for lease in Jacksonville.

CREC is also leasing World golf Village in St. Augustine, FL; the 92,180-sqft Steeplechase Plaza in Ocala, FL; the 73,619-sqft shopping complex Homosassa Plaza in Homosassa, FL; Semoran Plaza and Colonial Shoppes in Orlando; and Malabar Commons in Palm Bay, FL; Heritage Plaza, a 40,000-sqft Class A office building in Lakeland, FL; and Oakridge Office Park in Orlando.

Built in 2011, Former Rec Warehouse for sale. The 14,400-sqft, bank-owned warehouse sits on 1.61 acres at 8134 North US Hwy 98 in Lakeland, FL. The list price is $694,000. The warehouse is one mile from Northside Village, which is poised to become the premier multi-use development on Lakeland’s north side.

Job growth in Orlando will be healthy this year as 44,000 positions are created, expanding headcounts by 3.9%, according to Marcus & Millichap. In 2014, employment grew 4.5%. New jobs will be led by the leisure and hospitality sector.

Retail vacancy will fall 60 basis points to 6.2% in 2015, the firm predicted, despite the influx of new construction as retail spending increases throughout the metro. This will advance last year’s 60-basis-point drop.

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