Orlando Retail Market Report

In-migration and renewed tourism boost the metro’s retail sector. Orlando expects the greatest level of net in-migration among major Florida markets this year and beyond. Over the next five years, the metro will add more than 180,000 new residents on net. Tourism to Orlando is also improving as the Orlando International Airport welcomed a record number of passengers in 2023, with traffic increasing most rapidly among international travelers. A growing population, paired with strong tourism growth, will create positive momentum for retail demand and sales in Orlando this year. The sector entered 2024 with near record-low vacancy, despite the influx of new supply in 2023. New inventory will place some upward pressure on vacancy this year, but most builds are slated for the outlying parts of Orange and Seminole counties, where available space is limited. Both multi- and single-tenant segments will add stock in 2024, likely keeping their vacancy rates roughly in line with one another.