Hotel and resort occupancy levels are still low in comparison with previous years - this has had an adverse effect on retail spending and ultimately on the construction, development and employment across a variety of industries...
Following are some of the most significant aspects of the Orlando Retail Research Report:
- This year, 52,000 positions will be cut in the Orlando metro area, a 4.9% decrease. In 2008, 39,500 jobs were eliminated from local payrolls.
- In 2009, developers will complete 1.2 msf of space, the lowest amount delivered in the past five years. Last year, 3.3 msf was added.
- The vacancy rate is projected to climb 210 basis points this year to 10.5%. Negative net absorption will total more than 1.1 msf. Marketwide vacancy rose 190 basis points in 2008, as an increase in stock offset growth in occupied space.
- In 2009, asking rents are projected to fall 4.5% to $17.81 psf. Effective rents are forecast to decrease 6.5% to $15.28 psf. Last year, asking rents were unchanged, and effective rents receded 2.1%.
For a copy of the complete Orlando Retail Research Report, visit www.MarcusMillichap.com.
Following are some of the most significant aspects of the Orlando Retail Research Report:
- This year, 52,000 positions will be cut in the Orlando metro area, a 4.9% decrease. In 2008, 39,500 jobs were eliminated from local payrolls.
- In 2009, developers will complete 1.2 msf of space, the lowest amount delivered in the past five years. Last year, 3.3 msf was added.
- The vacancy rate is projected to climb 210 basis points this year to 10.5%. Negative net absorption will total more than 1.1 msf. Marketwide vacancy rose 190 basis points in 2008, as an increase in stock offset growth in occupied space.
- In 2009, asking rents are projected to fall 4.5% to $17.81 psf. Effective rents are forecast to decrease 6.5% to $15.28 psf. Last year, asking rents were unchanged, and effective rents receded 2.1%.
For a copy of the complete Orlando Retail Research Report, visit www.MarcusMillichap.com.
