The Orlando retail vacancy rate experienced a slight increase during the third quarter. The vacancy rate went from 7.4% in the second quarter to 7.6% during the third. According to Costar, the net absorption was a positive 216,132 square feet, and vacant sublease space decreased by 444 square feet. In the second quarter of 2014, net absorption was positive 192,425 square feet.
Eleven new retail buildings with a total of 433,749 square feet were delivered to the market during the third quarter with another 536,077 square feet still under construction at the end of the quarter. Rental rates dipped slightly from the previous quarter to $14.34 per square foot.
