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Orlando Tourist Corridor - Retail Commercial Real Estate & Tourist Trends

The Orlando Tourist Corridor is seeing a renaissance like no other time in history. Billions of dollars in private and public investment are underway from new attractions & rides in the theme parks to roads & infrastructure to hotels & residential development.

Get the latest info on this dynamic market and find out what retail, restaurant and hotel opportunities await in the #1 Tourist Destination in the world.

Bobby Palta - CBRE Orlando

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Orlando Tourist Corridor - Retail Commercial Real Estate & Tourist Trends

  1. 1. TOURIST CORRIDOR ORLANDO MARKET BRIEFING | Q2 2015
  2. 2. TOP TOP CITIES STATES JOBGROWTHGROWTH ORLANDOORLANDO CITY NO.NO. 11CITY STONGESTSTONGEST NON-AGRICULTURAL JOB GROWTHGROWTH FIRST 3/4 0F 2014 6. Riverside, CA +2.8% 6. Denver, CO +2.8% 8. San Francisco, CA +2.6% 8. Seattle, WA +2.6% 10. San Diego, CA +2.4% JOBS NATIONAL AVERAGE THE 23.7%3.7% GROWTH 2014 0.1 PERCENTAGE POINT SINCE LAST YEAR + 4.6% NORTH DAKOTANORTH DAKOTA + 3.6% NEVADA + 2.2% CALIFORNIA (TIE) + 2.2% WASHINGTON (TIE) + 2.8% OREGON + 3.1% UTAH + 2.7% COLORADO + 3.3% TEXTAS + 2.5% DELEWARE + 2.5% + 2.9%+ 2.9% FLORIDA 1. Orlando, FL +3.7% 2. Houston, TX +3.5% 3. Dallas, TX +3.4% 4. Miami, FL +3.0% 5. Portland, OR +2.9% 1.8% MONTHLY AVERAGE STATESSTATES TOP 10 CITIES FOR JOB GROWTH FOR JOB GROWTH 2 R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker Source: forbes.com
  3. 3. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker LAS VEGAS, NV FORUM SHOPS AT CAESARS $1,750 SALES PSF GLENDALE, CA AMERICANA AT BRAND $1,110 SALES PSF HONOLOULU, HI ALA MOANA CENTER $1,200 SALES PSF VANCOUVER, BC PACIFIC CENTRE $1,255 SALES PSF LOS ANGELES, CA THE GROVE $1,400 SALES PSF LONDON, UK WESTFIELD STRATFORD $1,600+ SALES PSF LONDON, UK BRENT CROSS $1,110 SALES PSF LONDON, UK WESTFIELD LONDON $1,600+ SALES PSF NEW YORK, NY SHOPS AT COLUMBUS CIRCLE $1,600 SALES PSF SHORT HILLS, NJ THE MALL AT SHORT HILLS $1,110 SALES PSF SYDNEY, AUSTRALIA WESTFIELD SYDNEY $1,500 SALES PSF MELBOURNE, AUSTRALIA CHADSTONE $1,194 SALES PSF DUBAI, UAE MALL OF THE EMIRATES $1,423 SALES PSF 15 SHOPPING CENTERS BY SALES PER SQ FT MIAMI, FL BAL HARBOUR $2,555 SALES PSF ADVENTURA, FL ADVENTURA $1,110 SALES PSF ORLANDO, FL ORLANDO PREMIUM OUTLETS INT’L DRIVE $990 SALES PSF ORLANDO, FL ORLANDO PREMIUM OUTLETS VINELAND AVE $1,595 SALES PSF ORLANDO, FL THE MALL AT MILLENIA $1,595 SALES PSF ORLANDO, FL THE FLORIDA MALL $1,110 SALES PSF ORLANDO, FL DISNEY SPRINGS $1,600 SALES PSF ORLANDO #1 SHOPPING CENTER PERFORMANCE GLOBALLY Orlando is the ONLY market in the world with 5 different shopping centers achieving revenue at or exceeding $1,000 PER SQUARE FOOT Source: Smith Travel Research: Visit Orlando Market Research & Insight
  4. 4. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker RETAIL DISTRICTS – TOURIST CORRIDOR Kirkman & Conroy Millenia North Int’l Dr Mid Int’l Dr 535 US 192 & SR 535 Celebration Maingate Lake Buena Vista Convention Center Dr. Phillips & Bayhill Orlando International Airport/ Semoran  Champions Gate FL Mall Grand Lakes Airport/Semoran Maingate Celebration Mid I-Drive Champions Gate Millenia Dr. Phillips/Bayhill North I-Drive Florida Mall Sea World Grand Lakes US 92/SR 535 Lake Buena Vista ORLANDO DISTRICTS »» Retail sales growing at faster rate here than any other city in the SE (10yrs) »» University of Central FL (UCF) is the 2nd largest university (UCF) in the nation »» FL is 3rd in the nation for population growth »» Orlando has the 5th fastest growing economy in the SE »» Central FL Research Park is the 7th largest research park in the nation »» Orlando Int’l Airport is the 13th busiest passenger airport in the nation »» A record 59 million visitors came to Orlando in 2013 192 192
  5. 5. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker CENTRAL FLORIDA MACRO TRENDS 5TH5TH HOME SALES 15% 15% 2008 - 2013 ANNUAL GROWTH OUTPACING MIAMI, DC, ATLANTA, NEW ORLEANS, & NASHVILLE ** FASTEST ECONOMIES S.E. ORLANDO IN THE GROWINGGROWING METRO RETAIL SALES 5 % 2003 - 2013 Source: Metro Orlando Economic Development Commission
  6. 6. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker CENTRAL FLORIDA MACRO ECONOMICS 14THYOUNGEST MEDIAN HOUSEHOLD MEDIAN OUT OF MIGRATION:MIGRATION: HOUSEHOLD POPULATION INCOME $46,020$46,020 2.3M UNEMPLOYMENT RATE 6.9% Osceola Orange Lake Seminole EMPLOYMENT 1,081,3571,081,357 MEDIAN AGE36.4 LARGEST GROWTH OF ALL FL MSA’S SINCE 1970 #4 OUT OF MOST MSA’S 3030 14TH 36.4 2.3M ***Source: Metro Orlando Economic Development Commission
  7. 7. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker TOURIST ECONOMY $ 33.1B IN VISITOR SPENDING TOURISM 233K DIRECT INDUSTRY JOBS ANNUAL WAGES 14.9B EARNED Source: Tourism Economics
  8. 8. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker ORLANDO EYE AND I-SQUARE MALL RA SUSHI BLUE MARTINI @ POINTE ORLANDO DEL FRISCOS AVANTI HOTEL REDEVELOPMENT I-DRIVE SUNRAIL I-DRIVE TROLLEY UNIVERSAL: WIZARDING WORLD DIAGON ALLEY DISNEY'S MAGIC KINGDOM: FANTASYLAND EXPANSION PH 2 DISNEY'S ANIMAL KINGDOM: AVATAR ATTRACTION DISNEY SPRINGS CONSTRUCTION SEAWORLD: AQUATICA EXPANSION UNIVERSAL: CABANA BAY CITYWALK RETENANTING DISNEY: MANGO’S TROPICAL CAFE MILLENIA GARDENS MILLENIA PLACE INTERSTATE 4 WIDENING MAJOR – GRAND NATIONAL I-4 FLYOVER SAND LAKE ROAD EXPANSION ALL ABOARD FLORIDA ORLANDO INTERNATIONAL AIRPORT MAGLEV DISNEY: STAR WARS ATTRACTION ORLANDO PREMIUM OUTLETS VINELAND PH 3 EXPANSION TWIN PEAKS KING’S BOWLING HOOTERS HYATT REGENCY / PEABODY TRANSACTION SEAWORLD: ANTARCTICA EMPIRE OF THE PENGUIN UNIVERSAL: TRANSFORMERS THE RIDE 3D DISNEY'S MAGIC KINGDOM: FANTASYLAND EXPANSION KENNEDY SPACE CENTER EXPANSIONS FUN SPOT EXPANSIONS WET ‘N WILD EXPANSIONS - ACQUIRED BY UNIVERSAL DEVELOPMENT ACTIVITY – TOURIST CORRIDOR 2013 FUTURE 2014 RETAIL HOTEL TRANSPORTATION ATTRACTIONS KEY
  9. 9. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker TRANSPORTATION + TRAVEL 225K BEHIND * PASSENGER ARRIVALS 14TH NATIONALLY 2ND MIAMI ORLANDO INTERNATIONALINTERNATIONALINTERNATIONAL AIRPORTAIRPORT ORLANDO RANKS AIRPORT JUNE 2014 SANFORD TOURISM RECORD TRAVEL 2013 ORLANDO BROKE USA DISTANCES FROM ST. PETERSBURG 106 MI TAMPA 85 MI MIAMI 236 MI KEY WEST 395 MI DAYTONA BEACH 60 MI JACKSONVILLE 140 MITALLAHASSEE 242 MI ST. PETERSBURG 106 MI TAMPA 85 MI MIAMI 236 MI ORLANDO KEY WEST 395 MI DAYTONA BEACH 60 MI JACKSONVILLE 140 MITALLAHASSEE 242 MI TOURISM BROKE Source: www.orlandoedc.com
  10. 10. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker  orlando international airport Sunrail Maglev All Aboard Florida I-Ride Trolley Red Line I-Ride Trolley Green Line TRANSPORTATION MAP MASS TRANSIT + TRANSPORTATION
  11. 11. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker ATTRACTIONS + ATTENDANCE DISNEY’S EPCOT DISNEY’S BLIZZARD BEACH DISNEY’S MAGIC KINGDOM DISNEY’S ANIMAL KINGDOM DISNEY’S HOLLYWOOD STUDIOS DISNEY’S TYPHOON LAGOON ORLANDO ATTRACTION ATTENDANCE (2012 Disney's Magic Kingdom 17,536,000 Disney's Epcot 11,063,000 Disney's Animal Kingdom 9,998,000 Disney's Hollywood Studios 9,912,000 Islands of Adventure 7,981,000 Universal Studios 6,195,000 SeaWorld Orlando 5,358,000 Disney's Typhoon Lagoon 2,100,000 Disney's Blizzard Beach 1,929,000 Wet 'n Wild 1,247,000
  12. 12. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker RETAIL CONCEPTS – TOURIST CORRIDORDEPARTMENTGROCERYDININGSPECIALTY ENTERTAINMENT SUPERSTORE
  13. 13. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker VISITOR VOLUME As premier travel destination featuring a host of world-famous theme parks and attractions, accommodations, world-class airports and one of the largest convention facilities in the nation, Orlando attracts over 50 million visitors each year. Visitors to Orlando come from all over the United States as well as internationally including Canada, the U.K. and Brazil. Orlando is the first destination in the country to welcome more than 50 million visitors and remains the most visited destination in the United States. VISITOR VOLUME (Millions) 2009 International Domestic 2010 2011 2012 2013 VISITOR STATISTICS Source: www.visitorlando.com
  14. 14. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker INTERNATIONAL VISITOR TRAVEL OVERSEAS % CHANGE (2005 - 2011) 2005 2011 SOUTH AMERICA 264,000 883,000 235% CANADA 657,000 1,015,000 55% UNITED KINGDOM 1,060,000 767,000 -28% WESTERN EUROPE 1,433,000 1,319,000 -8% TOTAL INTERNATIONAL 2,673,000 3,803,000 42%
  15. 15. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker ORLANDO VISITOR BREAKDOWN Domestic Overnight Visitors Source: DK Shifflet & Associates
  16. 16. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker MONTHLY VISITOR TRENDS PASSENGER TRAFFIC 4 3.5 3 2.5 2 1.5 2013 34.9M (-1.0%) 2012 35.3M (-0.4%) 2011 35.4M (+1.6%) 2010 34.9M (+3.5%) JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Source: www.visitorlando.com
  17. 17. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker SITES + ACCOMMODATIONS 454 HOTELS 454 OCCUPANCY ORLANDO HOTELS *MAY 2014 Kissimmee Orlando North Orlando Central Orlando Central International Drive Orlando South 25% 25% 13% 12% 10% 15% 71.5% Source: www.orlandoinfo.com/research
  18. 18. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker HOTEL PERFORMANCE $108.03 (+6.4%) 68.8% (+1.8%) 28.461 (+6.4%) 24.325 (-9.7%) $90.76 (-2.8%) 59.5% (-9.6%) 2014 (f) 30.70 (+1.6%) 70.1% (+0.1%) 2013 (f) 30.187 (+3.3%) 70.0% (+1.7%) $101.53 (+4.8%) 2012 29.308 (+3.0%) $96.88 (+2.9) 2011 67.6% (+5.8%) $94.11 (+3.7%) 2010 26.746 (+10.0%) 63.9% (+7.4%) 2009 $93.34 (-11.8%) 26.933 (-2.3%)2008 2007 65.8% (-3.1%) $105.83 (0.0%) $105.8427.572 67.9% Rooms Sold (millions) Occupancy Average Daily Rate
  19. 19. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker AVAILABLE PROPERTIES METRO ORLANDO FLORIDA NATIONAL 3.2% 4.6% 4.2% 3.3% 75.4% 3.0% 72.7% 4.3% 68.0% 3.8% 52.2% 2.4% $117.65 5.5% $110.21 5.1% $132.82 4.7% $109.24 2.9% $88.73 8.8% $80.17 9.6% $90.27 8.8% $57.02 5.3% 2014 JAN YTDLODGING ORANGE COUNTY Source: VisitOrlando
  20. 20. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker ORANGE COUNTY CONVENTION CENTER FOR TOP TENTOTALS 77.3M ATTENDANCE 1. MAGIC KINGDOM 2. EPCOT 3. DISNEY'S HOLLYWOOD STUDIOS 4. ISLANDS OF ADVENTURE 5. UNIVERSAL STUDIOS 6. SEAWORLD 7. DISNEY’S TYPHOON LAGOON 8. DISNEY’S BLIZZARD BEACH 9. AQUATICA 10. WET 'N’ WILD TOP 10 ATTRACTIONS Source: Themed Entertainment Association (TEA) & AECOM As the second largest convention facility in the country, the Orange Coun- ty Convention Center (OCCC) benefits more than 1,000 companies annual- ly in the Central Florida area. The OCCC is a green-friendly complex comprised of two separate buildings connected by an open air bridge with moving side- walks across International Drive As of December 2012, there are 645 events with an estimated 10million attendees booked through the year 2030. This will generate approximately $17.3 billion in delegate spending during this time. The Orange County Convention Center was recently rated the No. 1 meeting facility in the country by Business Review USA. the No. 1 meeting facility in the country by Business Review USA. • 7 million total sq. ft. • 2.1 million sq. ft. exhibition space • 480,000 sq. ft. meeting space • 200 events hosted annually • 1.4 million attendees • $2.1 billion in economic impact • 74 meeting rooms with 235 breakouts • Two 92,000 sq. ft. general assembly areas ORANGE COUNTY CONVENTION CENTER QUICK STATS:
  21. 21. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker ORLANDO CONVENTION VISITORS ORLANDO #1 #1 AMONG “BOTH ASSOCIATION & CORPORATE PLANNERS” #1 FOR “INTEND TO HOLD A MAJOR MEETING IN NEXT 3 YEARS” #1 AMONG ASSOCIATION PLANNERS & #2 AMONG CORPORATE PLANNERS (VEGAS) #2 FOR OVERALL PERCEPTION AS A MEETINGS DESTINATION (SAN DIEGO) #1 FOR “HELD A MAJOR MEETING IN PAST 3 YEARS” Source: RRC Associates
  22. 22. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker CONVENTION HOTEL MARKET 16% 6% 13% 8% 12% 5% ROOMS NUMBER OF PROPERTIES NUMBER OF MEETING SPACE TOTAL Source: Smith Travel Research: Visit Orlando Market Research & Insight
  23. 23. R. Bobby Palta | +1 407-279-0050 | bobby.palta@cbre.com | cbre.com/bobby.palta | @_RetailBroker CONVENTION VISITOR SURVEY Convenient Airline Service (2) Easily Accessible for Delegates (3) Food & Lodging Costs (1) Travel Costs to Location (1) Good Hotels (1) Good Value for the Money (1) Makes Financial/Other Concessions Clean/Attractive City (3) Security/Crime Rate (5) Number of Hotel Rooms Available (3) Good Restaurants (20) Attractiveness of Conference Hotels % Rating “Very Important” 40% 50% 60% 70% 80% 90% Source: RRC Associates * Convention visitors to Orlando responded that Good Restaurants is one area where Orlando can improve its offering for travellers.
  24. 24. R. Bobby Palta First Vice President T +1 407 279 0050 bobby.palta@cbre.com cbre.com/bobby.palta twitter.com/_RetailBroker 200 S. Orange Ave. Suite 2100 Orlando, FL 32801 CBRE, Inc. Licensed Real Estate Broker © 2015 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. FOR MORE INFORMATION, PLEASE CONTACT:

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