Orlando retail real estate market report

Orlando’s construction pipeline has seen significant fluctuation in the last two years and currently sits at its lowest point in the past eight years after over 560k sf of deliveries in Q2 2026. This is highlighted by the Lake Nona West development. Remaining development has focused on mid-sized units and necessity-driven retail in growing residential communities.

Vacancy across Orlando’s retail market has crept up by 70bp since 2024’s low and has remained largely flat YoY with high propensity of precommitted development space. A key friction point in this market includes low vacancy across modern, quality space, which has caused increased emphasis on affordable/flexible second-gen footprints for national retailer expansion.

Asking rent across the Orlando metro continues to build stable momentum, seeing only one quarter of YoY growth less than 4% in the last eight years. Much of this growth can be attributed to limited availability among quality, anchored space, and an increased population growth searching for affordability. While rent has grown, construction costs have jumped with landlords scaling back concessions, which may impact new deliveries and expected rates.