JLL Pulse360 Orlando // 2015 | Page 28

// RETAIL MARKET OVERVIEW // U.S. OVERALL RETAIL CLOCK Peaking market Falling market San Francisco, MIAMI, New York City, Dallas, Houston, Boston UNITED STATES, FORT LAUDERDALE, Orange County, Hawaii, Los Angeles Washington DC, San Diego, PALM BEACH Rising market Bottoming market Seattle Atlanta, ORLANDO Philadelphia, TAMPA, JACKSONVILLE, Chicago // RETAIL MARKET OVERVIEW // HISTORICAL RENTS & OCCUPANCY Orlando’s economic growth is one of the strongest statewide and was recently named the #1 market in the country for job creation by Forbes. Orlando consistently ranks highest in creating a strong business environment and employment growth; growing a robust 4.6 percent in the past year. Orlando’s unemployment rate of 4.5 percent dropped 0.7 percentage points within the past 12 months. Additionally, as one the pillar drivers of the local economy, tourism increased 3.9 percent year-over-year with over 64 million visitors. Combined with local income increases and advancements in consumer confidence, the local retail market has benefited from recent upsurges of consumer spending. ORLANDO PULSE // 28 Despite three years of steady absorption, Orlando’s rental rate continues to slowly sink and will likely feel more pressure as a number of new developments come online over the next 24-36 months.