In the roughly two decades between 1990-2008, Florida saw an average annual construction rate of 3%. Following the Great Recession, by 2010 that number had dipped to less than 1%.
New retail projects are very rare, but keep an eye on apartments – with Florida’s continued growing population, we will need to add 5M new housing units and apartments by 2040. Existing retail centers will go through a good deal of redevelopment and any new construction will almost inevitably contain a large apartment component.
Retailers are now embracing new ways to grow their sales with deliveries and curbside pick-ups. These growth-driving innovations are driving up sales without the need for additional retail space. Retail as a whole is transforming into a hyper-efficient system.
