Orlando Retail Real Estate Summary: Leases, Sales & Construction Projects

Jun 04
Orlando Retail Real Estate Summary: Leases, Sales & Construction Projects

Market Snapshot for Orlando Retail Real Estate

We’ve taken a number of the essential statistics for Orlando retail real estate and broken them down below in our report. The retail real estate report is updated every quarter by our in-house commercial real estate experts. First, it is important to give some context to the reasons why Orlando’s retail is doing well currently. It’s no secret that Florida has experienced a population boom during the last few years thanks to a number of economic and lifestyle factors:

1) It is very tax-friendly compared to most states in the USA.

2) Many retired folk from around the country come to live in Florida.

3) It was one of the more business-friendly states during the pandemic.

4) The United States is witnessing a dramatic shift in population from densely populated stats, such as New York and California to states like Florida and Arizona.

5) It is well known for its consistently good weather.

To further expand upon this population growth in the context of Florida, according to the World Population Review, Florida is #7 nationwide for population growth throughout 2021 with a growth of 1.1% overall. Additionally, The Villages, FL (which is one hour NW of Orlando) was found to be the fastest growing metro area nationwide from 2010 to 2020. Of course, population growth is not the only factor that ties into retail real estate, or commercial real estate as a whole, but it is certainly one of the best indicators of where money is going to be spent.

View our commercial properties in Florida to see what real estate assets are available for lease / sale.

Before we get into the specific statistics for Orlando’s retail real estate market in Q1 2024, let’s give a bird’s eye view for the overall capital market figures to give some context to the region’s retail sector.

Orlando Retail Capital Markets Statistics in Q1 2024

Total Asset Value: $43.8B
12-Month Sales Volume: $856.9M
Average Market Cap Rate: 6.4%
12-Month Market Sale Price Change / SF: +7.1%


Orlando Retail Real Estate Sales Volume by Buyer Type & Origin (Past 12 Months)

Below are the buyer types and their origins, i.e.: local, national, or international investors of retail properties in Orlando.

Buyer Type:

Private: 73%
User: 10%
Institutional: 2%
Private Equity: 2%
REIT / Public: 13%

Buyer Origin:

Local: 24%
National: 75%
Foreign: 1%

Orlando Retail Real Estate Asset Value by Owner Type & Origin (Past 12 Months)

Below are the owner types and the origins of retail property owners in Orlando broken down by their percentage of representation.

Owner Type:

Private: 50%
User: 22%
REIT / Public: 10%
Institutional: 15%
Private Equity: 3%

Owner Origin:

Local: 30%
National: 67%
Foreign: 3%

Orlando Retail Real Estate Statistics: Leases, Sales, and Projects Under Construction – Q1 2024

A summary of the statistical highlights, latest retail transactions, vacancy / lease trends, and current market activity for Central Florida focusing on Orlando.

Full List of Top Transactions for Q1 2024 Provided Below

Orlando Retail Real Estate Report Q1 2024 - MMG Equity Partners Commercial Real Estate Florida


  • Vacancy: 3.4% (Compared to 3.3% in Q3 2023, +0.1% change)
  • Absorption: -155,685 (Compared to -69,867 in Q3 2023, -85,818 change)
  • Asking rate PSF: $28.98 (Compared to $28.53 in Q3 2023, +$0.45 change)


12 Month Deliveries in SF: 1.8M 
12 Month Net Absorption in SF:
Vacancy Rate:
12 Month Rental Growth: 6.1%

Q1 2024 TOP LEASING TRANSACTIONS: Orlando (Past 12 Months)

1. Sand Lake Corners – Tourist Corridor
The Restaurant Store
Size: 66,700 SF
Space Type: Shopping Center
Tenant Rep Co: Newmark
Leasing Rep Co: Stiles Retail Group

2. Tesla – Osceola Outlying
Size: 57,000 SF
Space Type: Shopping Center
Tenant Rep Co: Atlantic Retail
Leasing Rep Co: Not Listed

3. Jamestown Place – Altamonte / Douglas
Tenant: Crunch Fitness
Size: 56,000 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed

4. Formosa Gardens Village – Osceola Outlying
Crush Yard Pickleball Club
Size: 50,000 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: SRS Real Estate Partners

5. Clarke Road Plaza – West Colonial
Crunch Fitness
Size: 47,934 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed



Over the course of the past 12 months there have been 415 total retail real estate transactions in Orlando with an average cap rate of 6.4%. The average price per square foot at the time of sale was $272, and the average vacancy was 5.6%.

Sales Comparables: 415
Average Cap Rate:
Average Price/ SF:
Average Vacancy at Sale: 5.6%


Top Transaction Highlight in Q1 2023: WaterStar Orlando for $28.4M

1. MarketPlace at Seminole Town Center (1301 – 2251 Wp Ball Blvd)
Price: $37,892,111
Size: 221,573 SF
Price/ SF: $171
Cap Rate: Not Listed
Vacancy: 1.1%

2. 1455 Semoran Blvd
Price: $35,851,708
Size: 232,145
Price/ SF: $154
Cap Rate: Not Listed
Vacancy: 11.3%

3. The Grove at Winter Park (4270 Aloma Ave)
Price: $24,700,000
Size: 112,292
Price/ SF: $220
Cap Rate: Not Listed
Vacancy: 2.3%

4. 701 – 735 N 14th St 
Price: $17,800,000
Size: 133,911 SF
Price/ SF: $133
Cap Rate: Not Listed
Vacancy: 0%

5. Shoppes at Lake Mary (4215 – 4279 W Lake Mary B…)
Price: $16,411,114
Size: 62,078 SF
Price/ SF: $264
Cap Rate: Not Listed
Vacancy: 3.2%


Orlando Retail Real Estate Summary - MMG Equity Partners


There are currently 52 retail properties under construction in the Orlando market representing a little less than 1.5M square feet of new product. This represents 0.9% of the total retail real estate inventory and over 40% of the total space is pre-leased.

Below the stats you’ll find the top-5 largest retail projects currently under development.

Properties Currently Under Construction: 52
Total Size:
Percent of Inventory:
Pre-leased: 42.2%


1. NEC & SEC of Sawgrass
Size: 340,000 SF
Completion Date: Q3 2025
Developer/ Owner: Not Listed
Stories: 1

2. City Center West Orange
Size: 200,000 SF
Completion Date: Q1 2026
Developer/ Owner: City Center West Orange
Stories: 2

3. Building B (4690 – 4722 Marigold Ave)
Size: 127,500 SF
Completion Date: Q2 2023
Developer/ Owner: Not Listed / Not Listed
Stories: 1

4. 10700 Clarcona Ocoee Rd
Size: 99,590 SF
Completion Date: Q3 2023
Developer/ Owner: Not Listed / Not Listed
Stories: 1

5. Building A (4730 – 4750 Marigold Ave)
Size: 79,247 SF
Completion Date: Q4 2023
Developer/ Owner: Not Listed
Stories: 1


Data sources: MMG Equity Partners & CoStar


Florida Retail Real Estate Reports

We also provide retail real estate reports for other regions of Florida.

Miami Retail Real Estate Report

Tampa Retail Real Estate Report

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