Excerpted from Orlando Business Journal story.
Local real estate experts say developers and retailers anticipate downtown Orlando to expand west past Interstate 4 and into Parramore. In recent months, companies and developers have been scouting for potential real estate opportunities in the community. These companies have cited the neighborhood’s momentum from projects such as the construction around the 68-acre Creative Village and the Orlando Magic’s planned Sports and Entertainment District.
Office, entertainment and residential developments in Parramore will spur more demand for retail in the area, said Terrence Hart, senior director at Franklin Street of Orlando, who handles retail leasing and is not involved with the deal. He said he sees downtown’s western edge eventually growing to John Young Parkway. “Retailers actually are starting to take that part seriously. That used to be a no man’s land for retailers.”
The downtown retail submarket has a 7% vacancy rate, which is higher than the Orlando-area average of 5.5%, Colliers International Central Florida reported. In addition, the submarket’s average retail rental rate is $29.28 per square foot, which is higher than the Orlando-area average of $18.78 per square foot.