Commercial Real Estate Roundup
Southwest Florida's commercial real estate market
» 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.
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|
|Source: Cushman & Wakefield|