NAVIGATION

July 24, 2016
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

Digital Access

DIRECT DIGITAL ACCESS
Add digital to your current subscription, purchase a single digital issue, or start a new subscription to Florida Trend.

TABLE OF CONTENTS
An overview of the features and articles in this month's issue of Florida Trend.

ACCESS THIS ISSUE »

Florida Business News

Florida Trend Video Pick

Taking the kids to Kennedy Space Center
Taking the kids to Kennedy Space Center

Space fans old and young will enjoy the many sides of KSC: The sheer size of the suspended Saturn 5 rocket, the IMax movies, the bus tour, the new Angry Birds exhibit, the rocket garden, climbing through the miniature International Space Center, trying out a re-creation of a shuttle landing -- and much more.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

In his acceptance speech at the RNC, Donald Trump painted a dark picture, portraying the United States as a diminished and even humiliated nation. He said these are times of crisis, and our way of life is threatened. Do you agree with Trump?

  • Yes - completely agree
  • On the fence
  • Don't agree, see things more optimistically

See Results

Ballot Box
Subscribe