Though Southwest Florida was hard-hit by Hurricane Irma as the category-five storm tore through the state in early September 2017, the SWFL market remains hot, the area is recovering and deals are getting done! A few sectors are outperforming the rest, namely: industrial, office and retail.
The Industrial market has been strong with rental rates and sales prices increasing. Additionally, several speculative industrial buildings are under construction for the first time since the recession. These projects have the potential to bring up to 2 million square feet of space to the market.
The Office market has stabilized, but still suffers from vacancies in older buildings. As is true on the national stage, medical office remains hot, with sale prices per-square-foot ranging from $220 to $526 and an average of $325-per-square-foot through the 3rd Quarter 2017.
The Retail market continues to grow, despite the rising number of big-box closings. The demand for credit-rated, net-leased retail investment properties still exceeds the supply. Restaurants, dollar stores and grocery stores are the major players in new development.
As we enter the seasonal months, the September 2017 numbers from the Bureau of Labor Statistics show the Cape Coral/Ft. Myers MSA had over 313,500 people employed and an overall jobless rate of only 3.5%.
All in all, we are fortunate to live in an area with increasing job growth.
Please contact me via email or phone at 239.333.4361 to discuss how the continual growth in population and jobs are affecting the Southwest Florida market and learn how I can assist you with your commercial real estate needs.
Julia Sosa, Managing Principal of LandQwest Commercial Orlando and Janet Galvin, Director of Hybridge Brokerage Services in Orlando, welcomed over 75 women in CRE to the 11th Annual Ladies Luncheon this year.
LandQwest continues its success with healthcare investment sales with the recent $1,200,000 sale of a 6,106-square-foot medical net-investment property located at 13214 Palm Beach Blvd, Fort Myers, Fla.
LandQwest is pleased to announce the recent $8,100,000 acquisition of the Plymouth and Regal Plaza portfolio in Fort Myers, Fla. Management of the 71,536± square-foot acquisition was awarded to LandQwest Commercial Property Management and Bruce was retained as exclusive leasing agent.