Commercial real estate developers in Orlando were dealt a significant blow by the Great Recession. It certainly seemed like one minute, space was being leased or sold as soon as it could be built or turned over and the next, empty storefronts and "For Lease" signs stretched out as far as they eye could see.
Whether the Florida commercial real estate business has bounced back greatly depends on whom you ask and where you look. If you consider Park Avenue in Winter Park, then you'd certainly think things have taken a turn for the better.
Retail space along the city's prominent shopping street is 100 percent leased, according to brokers and managment companies in the area. It's the first time in 25 years that has happened, according to Winter Park Land Co.
So, what does that mean? Well, no one is quite sure.
Even during boom times, there were always one or two retail spaces that were not leased outm according to a real estate broker who works in the area. However, the fact that all the spaces are rented out now does not mean as much as one might think.
"Maybe it's a leading indicator or an anomaly. We just don't seem to know," the real estate broker said.
The reason this story piqued our interest is that we often work with clients in the commercial real estate field, so industry-wide trends and developments are of interest to us. We strive to stay well-informed and up-to-date so that we can be responsive to the needs of our clients.
Source: The Orlando Sentinel, "Sign of recovery? Park Avenue retail space 100% leased," David Breen, June 11, 2013
