The economy is starting to show significant signs of improvement, but many are hesitant to say so. Perhaps they don’t want to jinx it! Not included in this hesitant group were attendees of the 2014 International Council of Shopping Centers Conference, which took place last week in Kissimmee. This mega-conference of commercial real estate heavy weights was brimming with optimism, and this attitude is not unfounded.
Let’s take a look at the numbers. Consumer spending in Florida grew by nearly 6 percent, which may be attributed to unprecedented job growth that outpaced the national average. This rebounding strength will be followed by higher rental rates, experts predict. According to CBRE, in the coming years markets such as Miami may witness upwards of a 37 percent increase in retail rents. Here’s the kicker; of all retail development in Q2 of this year, a whopping 30 percent took place in Florida! Investors and developers alike have taken notice. Everywhere you look, retail real estate is being developed, redeveloped or fully leased.