ORLANDO, FL. --- Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, presented the bi-annual ICSC Florida Retail Report at the 2011 ICSC Florida Conference on August 21-23 in Orlando at the Gaylord Palms Resort & Convention Center.
Crossman & Company has produced the report on behalf of ICSC for the past 15 years, and it includes contributions from over 65 separate companies throughout the state.
“While Florida continues to lag slightly behind the rest of the nation, there are positive signs of a return to stability in the retail real estate market in the first half of 2011,” stated Molly Delahunty (top right photo), the primary author of the report.
“In nearly every market in the state, we have seen stable occupancy for the past seven quarters. Rental rates are still decreasing but are beginning to level off, indicating we may have found the bottom of the market, though significant challenges still remain for owners and retailers alike.”
The report notes that rental rates for the entire state average $15.81 for mid-year 2011.
Although this statistic is down nearly 5 percent from a year ago, this decline is attributed to the shrinking difference between quoted and effective rents, as landlords have become more “honest” and realistic in adjusting rents to match the state of the economy, rather than an actual decline in lease terms.
Occupancy has leveled off at 89.33 percent, a decrease of about 6 percent from its peak in 2006.
“People throughout the state are noticeably more positive compared to one year ago, but we still have an uphill battle,” Delahunty added, also stressing caution because there is still a lot of distressed and over-valued product that has to work its way through the system.”
For more information and a copy of the report, please contact:
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com
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