It's a very visible sight in downtown Orlando, but it's also one that the city said resembles a slow return to normal.

  • Orlando is 94% occupancy for residential, 89% for office space
  • City officials said the "for lease" signs resemble a return to normal
  • Empty storefronts are symptomatic of the market as it rebounds

"If we go and prop businesses up there that don't have a good marketing plan — don't have a good business plan — and there's no demand for that business, it's not going to succeed," said Thomas Chatman Jr., with the city's Downtown Development Board.

Chatman said the many "for lease" signs or empty storefronts that line the city's main streets are symptomatic of the market as it continues to rebound from the Great Recession that hit about 10 years ago.

As residential and office space occupancy numbers grow, retail will follow.

"In the industry, the term is 'retail follows rooftops,'" Chatman said. "So, as you get more residential, more people living in the downtown area and working in downtown, then there's a need for more goods and services."

Orlando is at 94 percent occupancy for residential and at 89 percent occupancy for office space, the city said.

Neil Hamilton, of the Orlando Economic Development Commission, said office occupancy was at about 88 percent in 2015 and dipped to 82 percent in 2011. That data was furnished by brokerage company Cushman & Wakefield.

"Office space occupancy rate has just returned to its 2007 levels pre-recession," Chatman said. "That's significant for us."

At the same time, the city is encouraging redevelopment of current properties, like what's happening with First GREEN Bank on North Orange Avenue.

The bank is doing "GREEN-ovations" to an existing building to become LEED certified and is also installing solar panels before opening in the coming months.

"I feel that passion, as our CEO does, to do the right thing for the planet and the community," said Marky Sekac, assistant vice president at the bank.

On the opposite corner, a pizzeria, brewery, bank and cookie shop are moving into a former Fiat car dealership.

"We're very excited to be the first brewery on Orange Avenue in the downtown development market," said Jeremy Roberts, who owns Pan American Pizza and Brewing Co.

Roberts anticipates an April opening. His company is in the midst of mechanical, electrical and plumbing work. Brewing equipment is being manufactured on-site and will arrive late February.

"These buildings were already here, part of the reduce-reuse-recycle mantra," Sekac said. "We're going to reuse this building and it is right in a location we want. We're very excited to be part of that."