Crossman & Company Releases ICSC 2010 Florida Retail Report

ORLANDO, Fla. --- Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, presented the bi-annual ICSC Spring Florida Retail Report at the ICSC West Florida Idea Exchange in Tampa recently. Crossman & Company has produced the report on behalf of ICSC for the past 15 years. The report includes contributions from over 45 separate companies throughout the state.

“We have seen a return to stability in the market in the first half of 2010,” said Justin Greider, the primary author of the report. “In nearly every market of the state we have seen the freefall of rents and occupancy leveling off, indicating we may have found the bottom of the market, though significant challenges still remain for owners and retailers alike.”

The report notes that rental rates for the entire state average $14.27 for year-end 2010, down nearly 15 percent from the peak in the first quarter of 2008. Occupancy has leveled off at 89 percent, a decrease of about 6 percent from its peak in 2006.

“The outlook for the next 6-12 months is one of cautious optimism,” Greider said, “People throughout the state are very positive, but the recovery is going to be long and slow, and there is still a lot of over-valued product that has to work its way through the system.”
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For more information, contact:Justin M Greider, Vice President – Director of Leasing, Crossman & Company, ICSC Southern Division NextGen Chair, 407-581-6225John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;Molly Delahunty, Crossman & Company, 407-581-6220 mdelahunty@crossmanco.com