REBusinessOnline

Orlando Retail Market Experiencing Record Investor Demand and Pricing

As COVID-19 took hold in early 2020, the Orlando retail market only saw a modest dip in fundamentals where metro-wide rental rates fell by 5 percent and occupancy dropped 100 basis points during the second and third quarters. Beginning in the fourth quarter of 2020, rental and occupancy rates began an extraordinarily strong comeback, climbing 12 percent and 140 basis points, respectively, from the COVID-19 lows.According to data from CoStar Group, the metro’s average rental rate of …

Metro Orlando Office Market Caught in Limbo Due to COVID-19, Remote Workforce

Contrary to what is often portrayed in the national media, the Orlando office market is not a monolith. It instead comprises multiple submarkets, many of which are recovering quite differently. For example, according to data from CoStar Group, Winter Park had a 4.7 percent availability rate (that’s direct and sublease space combined). The Downtown Orlando market, on the other hand, had a rate of 16.9 percent. The total Orlando MSA office availability rate was 11.5 percent, which compares to …

By the Numbers: Orlando’s Industrial Fundamentals Remain Strong

Orlando’s industrial market emerged from the early panic of 2020 in solid shape, and both occupier and investment activity have continued in earnest ever since. While the preceding year has brought its share of pandemic-induced challenges to the Orlando market, the industrial sector itself has not been adversely affected, other than by labor shortages and the escalating prices of construction materials for new development.Sector fundamentals remain strong, with healthy leasing and …

Miami’s Restaurants are Back on Track, Entertainment and Big Box Users are Still Healing

What a difference a year makes! Retail real estate in Miami is not dead nor in the depths of huge vacancy rates and declining rents; current vacancy rate is 4.3 percent and rental rates have slipped by 0.1 percent over the past year.Let’s explore several indicators of the value and use of the current state of the shopping center industry, restaurant space, entertainment space and big-box retailers.South Florida restaurant space, due to COVID-19 restrictions, was not open to customers …

Miami Office Rent Growth Influenced by Influx of Tech Firms, New Capital Sources

The past year has been a long and winding ride, and some unexpected trends have been taking place in the Miami office market, between the onset of the COVID-19 pandemic and through its recovery to date.Logically, one would expect that an ongoing pandemic keeping corporate offices closed and employees working from home would negatively affect occupancy levels and lead to a deceleration in asking rents for office space. On the contrary, the Miami office market has remained solid, and while …

South Florida’s Reliable, Robust Apartment Market is a Safe Haven for Investors

South Florida multifamily fundamentals are, and will continue to be, the single biggest driver of performance in the market. Strong rent collection and occupancy performance through the pandemic, population and household growth, low homeownership rates, increasingly expensive home prices, an improving job market, higher wage growth, limited land and a wonderful lifestyle all contribute toward sustainable long-term growth.[caption id="attachment_293488" align="alignright" width="100"] Calum …

Industrial Supply, E-Commerce Demand Create Recipe for Orlando’s Silver Lining

For years, “just in time” has been the key to driving efficiency of retailers and manufacturers alike. This model by and large combined low-cost production in Asian markets supported by speedy air carrier distribution to move goods while holding minimal cushion for backup stock. Post-pandemic thinking could bring that epoch to an end. The crisis has underscored our distribution networks’ fragility, which are now vulnerable to closed facilities, ports and borders. Many businesses are …

Pandemic May Lead to Opportunities for Orlando’s Most Resilient Retailers

For the Orlando retail market, which relies heavily on Central Florida’s $75 billion tourism industry, the impact of the COVID-19 pandemic has been twofold. Not only has the local consumer base begun relying more heavily on online shopping and home-cooked meals, but the number of out-of-state and international visitors who typically travel to Central Florida for its renowned theme parks and attractions has plummeted. Statewide, Florida’s tourism industry suffered an estimated 60.5 percent …

Orlando Office Market Remains Strong with Pent-Up Capital Poised for Play

Economic health at the start of 2020 set a foundation for Orlando’s office market that remains in a good position despite headwinds caused by the global COVID-19 pandemic. Nationally, the United States saw its longest-running period of economic growth before non-essential business was paused. Even with the slowdown in tourism, Orlando continues to see an uptick in local economy-boosting sectors, including defense and technology. Additionally, an increasing number of companies and individuals …

Miami-Dade County’s Industrial Market Sees Healthy Activity Amid COVID-19 Headwinds

The Miami-Dade industrial market saw a prolific year in 2019, followed by a healthy, yet slower first quarter in 2020.PortMiami’s record-shattering fiscal year 2019, with cargo operations posting 1.1 million twenty-foot equivalent units (TEUs) and cruise passengers totaling a world’s best 6.8 million passenger total, correlated with the robust warehouse and distribution demand the market experienced throughout 2019. There was a 9 percent uptick in South Florida industrial investment …

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