November 29, 2014
Southwest Florida's commercial real estate market

Photo:

Call center company Alta Resources, took 63,275 square feet on Gateway Boulevard.

Commercial Real Estate Roundup

Southwest Florida's commercial real estate market

Mike Vogel | 10/31/2013

» Industrial demandis almost strong enough to spark a new construction wave.

» Retail has improved, but no widespread new building is occurring aside from restaurants and convenience stores.

» Many new rental complexes are under way or about to break ground. The subcategory of assisted-living facilitiesis finally delivering on expectations; developers plan 10 new communities, says Gary Tasman, founder and executive director, Cushman & Wakefield Commercial Property Southwest Florida in Fort Myers.

» Permitted residential landis selling to builders — “white hot right now,” Tasman says.

» Bottom-fishers who bought commercially zoned land at steep discounts are putting their properties back on the market at significant markups. “They’re making good money on their investments, as we anticipated they would,” Tasman says.

» The office vacancy ratefell below 14% for the first time since 2009.

»  Locals are encouraged by Hertz’s decision to move its headquarters from New Jersey. It has leased 40,000 square feet in the Fifth Third Center in Naples for a temporary world headquarters while it builds its campus on a 34-acre site in Estero, scheduled for completion in 2015.

Lagging

As in other Florida markets, the Fort Myers office sector is bringing up the rear in the southwest Florida recovery. A bright spot: A newcomer, call center company Alta Resources, took 63,275 square feet on Gateway Boulevard.

Southwest Florida - Commercial Market
  Vacancy Rate Avg. Asking Rent
Sector Quarter 2 2012 Quarter 2 2013 Quarter 2 2012 Quarter 2 2013
Industrial 9.1% 7.0% $4.61 $4.91
Retail 8.1% 7.2% $13.82 $13.84
Office 14.6% 13.7% $16.59 $16.02
Source: Cushman & Wakefield

 

Tags: Real Estate, Commercial Real Estate

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