MLK Gospel Concert, Inauguration Moves Indoors, and Orlando’s Tight Retail Market
📈 Monday Market Update #MMU | January 20, 2025 🏢✨
This week’s Monday Market Update highlights key events and trends shaping our community and the commercial real estate market. From a powerful MLK Gospel Concert to a historic indoor presidential inauguration and Orlando’s retail market challenges, here’s what you need to know.
In the Neighborhood: 2025 MLK Gospel Concert
The MLK Gospel Concert returns to the Dr. Phillips Center for the Performing Arts on January 26, 2025 at 7:00 pm. Directed by Grammy Award winner Dr. Jeffrey Redding—who, fun fact, was choir director at West Orange High School while Amy was there. (Amy was not in Choir which is good news for your ears.) This event promises a stirring tribute to Dr. Martin Luther King Jr.’s legacy through music and community. (Event details here)
Why You Should Attend
The concert is more than a celebration of history; it’s a showcase of the power of community and the arts. For businesses and property owners near venues like the Dr. Phillips Center, events like these highlight the importance of cultural spaces in driving economic activity and engagement.
Key Takeaway: The MLK Gospel Concert is a can’t-miss event that reflects the importance of cultural and civic spaces in enriching Orlando’s community and economy.
National Spotlight: Inauguration Moves Indoors for the First Time in 40 Years
The 2025 presidential inauguration is moving indoors for the first time in four decades due to extreme cold temperatures, according to CNBC. While the exact plans for traditional public events like the parade remain unclear, this decision marks a significant shift in how inaugurations are typically celebrated.
Impact on Retailers and Local Businesses
An indoor inauguration is likely to reduce outdoor foot traffic compared to previous years, which could impact retailers and businesses that typically benefit from the influx of visitors. However, businesses that adapt by focusing on online engagement or offering indoor experiences could still see a boost in activity.
Key Takeaway: While an indoor inauguration may limit outdoor retail opportunities, businesses can pivot to digital strategies or localized offerings to connect with customers during this historic event.
Local Economic Spotlight: Orlando’s Tight Retail Market
Orlando remains one of the top U.S. retail markets, with demand for space continuing to outpace supply. Over 10 million square feet of retail space has been leased in the past three years, leaving availability rates at a tight 3.8%, as detailed by CoStar.
Key Challenges and Opportunities
- Lack of Speculative Development: With only 810,000 square feet of retail space completed in 2024, Orlando’s development pipeline remains limited.
- Pre-Leased Projects: Much of the new space under construction is already pre-leased, leaving few options for expanding retailers.
- Geographic Trends: Retail growth is concentrated in areas like Osceola County, fueled by rapid population expansion, though new mobility fees could hinder future projects.
What This Means for CRE Stakeholders
The scarcity of retail space creates a competitive environment for tenants and opportunities for landlords to command favorable lease terms. Retailers in fitness, home goods, and discount sectors continue to drive demand, but finding quality anchor boxes in prime locations remains challenging. Developers and property owners should focus on maximizing value in existing properties and exploring creative solutions to address demand.
Key Takeaway: Orlando’s retail market thrives on high demand, but constrained supply and limited new developments highlight the importance of strategic property management and investment.
Final Thoughts
This week’s developments showcase the vibrancy and complexity of Orlando’s commercial real estate landscape. From cultural celebrations like the MLK Gospel Concert to national events like the indoor inauguration and local retail challenges, 2025 is already shaping up to be an exuberant year.
For personalized insights or to discuss your CRE goals, contact us at Beyond Commercial.
Make it a great week!
- Amy Calandrino, CEO of Beyond Commercial