The Central Florida commercial real estate industry is recovering nicely from the recession reports The Orlando Business Journal in its June 28 edition. Some sectors are doing better than others, with industrial and retail leading the way. The office sector continues to struggle with high vacancy rates, however.
The article reports there are five game-changers for the Central Florida commercial real estate market:
- Office market has changed for the good, since companies are doing more with less.
- Financing is available from different sources to fund to new projects.
- Industrial real estate will see an improvement.
- Orlando is attractive to national firms.
- The SunRail will help boost the region’s attractiveness.
The market’s recovery can be evidenced in the spectacular increase in total dollar volume experienced by Sperry Van Ness Florida Commercial Real Estate Advisors. With $73.2 million in total dollar volume in 2012, Sperry Van Ness Florida jumped from the number 16 position to number 8 position on the Orlando Business Journal’s List of Top Commercial Real Estate Brokerage Firms.
In discussing the current commercial real estate environment with the Orlando Business Journal, Miguel de Arcos, managing director of SVN Florida, says he likes the long term prospects in the Central Florida area due to the booming entertainment, biomedical and high-tech markets in the region. Miguel says “We have land and reasonable costs for real estate….Once folks realize we’re not a just a Mickey Mouse economy down here, it’s going to help.”
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