MADISON, N.J. — Orlando ranks as the top commercial real estate market nationally based on the percent change in vacancy and rental rates for the office, retail and multifamily sectors from the third quarter of 2012 through the third quarter of 2013, as well as population and unemployment changes during the same time period. That’s the conclusion of the newly released Coldwell Banker Commercial Market Comparison Report, which examined more than 80 markets.
Orlando was the only market to rank among the top 10 in the percent change of vacancy and rental rates in each of the sectors measured in the report, according to the Madison, N.J.-based real estate brokerage firm. What’s more, Orlando was also the only market to rank among the top 10 in both population and employment growth.
“Orlando is still the top tourist destination in the world, hosting a record 56 million visitors and generating $50 billion in economic impact in 2013,” says Paul Hoffman, vice president of commercial sales with Coldwell Banker Commercial NRT in Orlando.
“With expansions like Disney’s Avatar, Magic Kingdom, Downtown Disney and The Wizarding World of Harry Potter at Universal, along with the opening of the Dr. Phillips Center for the Performing Arts and an 18,000-seat stadium for Orlando’s new Major League Soccer franchise, visitors are expected to exceed 63 million and bring an additional $1.3 billion to the local economy in 2014,” adds Hoffman.
Fred Schmidt, president and chief operating officer of Coldwell Banker Commercial Affiliates, emphasizes that the commercial real estate industry nationally is well-positioned across all sectors at the start of 2014.
“Supply continues to gradually decrease while demand gradually increases, putting the overall market in a favorable position,” says Schmidt. “We look forward to seeing how these trends will continue to influence the market in the new year.”
A full breakdown of the 82 commercial real estate markets by sector is available in the full report. To access the full report, click here.
— Matt Valley