Florida Retail Report unveiled today at the opening ceremonies of the International Council of Shopping Centers (ICSC) Florida Conference in Kissimmee, Florida
Orlando, FL – August 25, 2014 – Population growth, strong consumer spending and tourism have helped to propel demand for retail space in Florida, according to a report released today at the opening session of the 2014 International Council of Shopping Centers (ICSC) Florida Conference at the Gaylord Palms Resort and Convention Center in Kissimmee, FL. CBRE’s Abigail Rosenbaum, Senior Economist, and Quinn Eddins, Florida Director of Research and Analysis, presented highlights from the CBRE-authored report at the morning session for attendees. Download the full report here.
The report describes the macroeconomic drivers, such as job growth, consumer spending and tourism, that are influencing demand for retail in Florida, and sheds light on how other trends, such as changing demographics and urbanization, are impacting Florida’s retailers and commercial real estate markets.
- Florida ranked 18th in the nation in terms of year-over-year growth in Gross Domestic Product (GDP) in 2013, with real growth of 2.2%. Florida moved above the slowing national average of 1.8%.
- Between 2010 and 2030, Florida’s population is expected to grow by 26%, or 4.8 million residents, to 23.6 million; aging baby boomers will drive population growth.
- Mass transit infrastructure improvements throughout Florida, including SunRail, Central Florida’s first commuter train, and the planned All Aboard Florida high-speed rail line connecting South Florida to Orlando, are generating large concentrations of new potential transit-oriented retail development.
- According to the Florida Retail Federation, back-to-school spending is projected to reach about $5 billion in 2014, up about 5% from 2013.
- A new wave of Baby Boomers is moving to Florida after retirement and creating increased demand for easily accessible lifestyle centers that offer a combination of restaurants, entertainment and specialty retailers.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.