[Orionsdolph]

Optimism Abounds: Florida’s Top Markets See Robust Demand for Retail Space



"Participants across Florida’s retail scene are bullish on the growth prospects in the state’s top markets as tenant demand remains robust for new and second-generation space. More than two years removed from the onset of the COVID-19 pandemic, sources say the state has fully rebounded and is even somewhat insulated from the worst effects of the public health crisis."


September 7, 2022
https://shoppingcenterbusiness.com/o...-retail-space/

[kyle19125]

Skewed statistics and numbers, especially regarding U-Haul. Many seem under the impression the only doorway into Florida is one way/inbound. There's what is called net migration numbers and recent stats show FL has nearly fallen out of the Top 10 since 2021. I moved last month locally and found U-Haul stripped of moving equipment (dollies/handtrucks/etc) plus 20 and 26 foot trucks because they had left the state in one-way rentals and weren't receiving replenishment returning quickly enough.

[Orionsdolph]

Originally Posted by kyle19125

Skewed statistics and numbers, especially regarding U-Haul. Many seem under the impression the only doorway into Florida is one way/inbound. There's what is called net migration numbers and recent stats show FL has nearly fallen out of the Top 10 since 2021. I moved last month locally and found U-Haul stripped of moving equipment (dollies/handtrucks/etc) plus 20 and 26 foot trucks because they had left the state in one-way rentals and weren't receiving replenishment returning quickly enough.

https://www.jchs.harvard.edu/son-2022-migration


https://en.wikipedia.org/wiki/List_o..._net_migration


https://www.unacast.com/post/top-5-s...moving-in-2022


https://www.forbes.com/home-improvem...-move-to-from/


https://tampabayedc.com/wp-content/u...n-by-State.pdf


https://www.chicagofed.org/publicati...uring-pandemic


https://www.nationalvanlines.com/nat...ration-report/


https://www.extraspace.com/blog/movi...people-moving/

[MOforthewin]

Fake news. Here in SWFL there is vacant retail spaces galore. Both in Publix sized strip malls down to the mom and pop ones and the malls are in terrible shape with vacancies. One, for years the rent has been too high. This is also helping kill off larger strip malls and malls. Many of these are owned by international companies to I think almost its a tax write off for them.

Everything is shifting to online. IMO unless you're a very niche retailer I would NOT go the brick and mortar route.

Everywhere I go I see for lease signs for retail spaces.

Maybe cities like Miami different, but around here that's not the case. Many Publix owned strip malls in this region have a crap load of vacancies. However they charge a boat load of money. The pool place next to the Publix I work at part time just moved. They were they for YEARS. They raised their rent for their little 900sq store to like 5k a month!

[beach43ofus]

In Sarasota County, I'm seeing the new strip centers gaining some occuptants, but the older strip centers are ghost towns, unless they have been refurbed.

Retail space is overbuilt, & much of it in places where population has been falling for years needs to be torn down or re-purposed.

[MOforthewin]

Originally Posted by beach43ofus

In Sarasota County, I'm seeing the new strip centers gaining some occuptants, but the older strip centers are ghost towns, unless they have been refurbed.

Retail space is overbuilt, & much of it in places where population has been falling for years needs to be torn down or re-purposed.

The plus side with older buildings you can get much better rates and now you have social media to reach out and advertise. Something you didn't have 30 years ago.

I would not go into brick and mortar unless I have a really niche item.

The rent for retail spaces owned by large corporations are astronimical.

Publix for example owns many if their plazas now. It saves them a ton of money due to not paying a lease! However many of them they own they lose a lot of tenants they raise the rent so much. One I work at for example gettong bery vacant. Two of them in venice have a lot of vacancies. I checked into them and want way too high rent. No wonder small mom and pop wont move in.

One my friend shops at and used to work at in ft. Lauderdale publix bought it. Even tmobile moved out then rent got too high.

It seems most strip malls have a peak of about 5 years and vacancies roll in.

Brick and mortar retail is tough! Even cocoplum has for lease signs but i can't afford the rent there!! Most are big national chains in therr now.

[kidyankee764]

Originally Posted by MOforthewin

Fake news. Here in SWFL there is vacant retail spaces galore. Both in Publix sized strip malls down to the mom and pop ones and the malls are in terrible shape with vacancies. One, for years the rent has been too high. This is also helping kill off larger strip malls and malls. Many of these are owned by international companies to I think almost its a tax write off for them.

Everything is shifting to online. IMO unless you're a very niche retailer I would NOT go the brick and mortar route.

Everywhere I go I see for lease signs for retail spaces.

Maybe cities like Miami different, but around here that's not the case. Many Publix owned strip malls in this region have a crap load of vacancies. However they charge a boat load of money. The pool place next to the Publix I work at part time just moved. They were they for YEARS. They raised their rent for their little 900sq store to like 5k a month!

Do you have actual statistics to show “fake news”, or is your opinion solely based on anecdotal evidence?

[Lillie767]

Retail is in a difficult place right now. People are so used to shopping on their phones.

[MOforthewin]

Originally Posted by kidyankee764

Do you have actual statistics to show “fake news”, or is your opinion solely based on anecdotal evidence?

I've actually looked into rent rates because I own a small retail business. The rates are high.

One theory I have with shopping malls, and these large strip malls that are mostly owned by large corporations is that they have some properties that do super super good and they make big $$$$ from. And the other, large majority they just break even or use that as their tax write offs.

I've heard that reasoning from a number of sources in real estate. Otherwise you'd be giving discounts in order to fill your strip mall up so it doesn't look empty.

Pretty soon here we are only going to have ONE regular mall from North Sarasota/Bradenton all the way down until you get to Coastland in Naples. Edison Mall, South Sarasota Square, and Port Charlotte Malls will all be closing down most likely in the next year due to ch11. Otherwise you will have Miramar or Sanible Outlets. Gulf Coast Town Center last time I was there was about 60 percent vacant ghost town.

Pretty sad. For me in Punta Gorda I will nearly have to go to Bradenton (UTC) or Naples for a regular mall. Miramar Outlet last time I was there last year had a number of empty stores too. When I went there in 2001, 2002 before moving back north that was an excellent outlet mall!

[MOforthewin]

Originally Posted by Lillie767

Retail is in a difficult place right now. People are so used to shopping on their phones.

Which for clothing I don't understand. I personally hate buying clothing online. In my area pretty soon for a regular mall with a Macy's or dept store I will have to drive 60 miles to Naples or 55 miles to UTC!!!

But the non clothing retail is what kills malls. People buy most of that online now.

The retail that seems to be doing really well is 5 Below and Dollar Tree. 5 below especially. Those places are ALWAYS busy.

What destroyed retail badly was when Amazon started their own fleet of vans. And you can get the same item the next day. Before with Prime it was 2 days either UPS or USPS. Now usually you get it the next day since they have the delivery vans the last 4 years. That was the dagger in the coffin IMO.

SOMETIMES if you order early enough in the AM you might even get the item the same day.