Shopping Centers Today

AUG 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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44 S C T / A U G U S T 2 0 1 8 A healthy dose of tourism and population growth have made the Orlando, Fla., retail real estate market equally healthy. "Retail in Orlando is very good right now," said Justin Greider, a JLL senior vice president of retail leasing for Florida's central, northern and western regions. Some 73 million visitors last year made Orlando the top tourist destination in the U.S. "e growth in tourism has continued to just boom here, and that drives a lot of what is going on in the market, including Orlando's tourism and residential growth are driving retail development, land values and rents By Ben Johnson S I T E S & C I T I E S W H E R E R E TA I L D E V E LO P M E N T I S H OT Lucrative fun our retail market." Universal Orlando Resort and Walt Disney World, which continue to drive much of that tourist demand, are developing new resorts. Disney opened the Avatar Land attraction last year and also has a Star Wars expan- sion coming in early 2019, including a Star Wars–themed hotel. e city has welcomed such new attractions as the ICON Orlando 360, an 18-acre dining and entertain- ment complex that features dozens of restaurants and bars and a 400-foot-high observation wheel. Another new attraction is the 425-foot-tall Orlando StarFlyer swing ride that opened in June. ese tourism generators are, in turn, attracting additional retailers to this market, which has a retail vacancy rate of only 4 percent, a 10-year low, according to Marcus & Millichap. e new entrants include Topgolf and An- 425 Yet another attraction, the 425-foot-tall Orlando StarFlyer swing ride, opened in June Some 73 million people visited Orlando last year

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