Good News Keeps Coming …

good-newsWow. I think the (seemingly mythical) “turnaround” in the commercial real estate market is actually going to stick this time! After many years of up and down and sideways market conditions, GOOD news about the Orlando/Orange County/Central Florida commercial real estate market is being consistently observed and reported. For example, see this article entitled “9 things that may surprise you about Orange County real estate” by Anjali Fluker, writer for the Orlando Business Journal. Local market indicators are the best they’ve been in at least 5 years, new construction and new commercial activity is booming throughout the area (have you seen the construction (and traffic) on International Drive lately? It’s insane!) and deals are being made! Here in Winter Park things are very active along the 17-92/Lee Road/Denning Drive corridors, which I think is fantastic. I WILL be checking out the new Trader Joe’s on 17-92 as soon as it opens! On a larger scale, my clients who attended the recent ReCon/ICSC convention in Las Vegas came back with pleasantly optimistic reports. Sure, everyone in real estate has been burned enough the past several years that they remain at least slightly wary, but that’s good business judgment in all market conditions and is also healthy for the industry. Nobody I know wants another real estate “bubble” to blow up in our faces. But, despite all the false starts and cautionary tales of the past few years, we finally seem to be in the midst of a consistent, upwardly trending, pattern of recovery. Thankfully, it feels good to read the commercial real estate news again, in the OBJ Commercial Real Estate News and other publications.

Top 10 List of Tallest Buildings In Orlando

Orlando, Florida was once a sleepy, small central Florida city surrounded by orange groves and a few other things. When the Disney company moved part of its operations there, many other theme parks and associated industry followed, taking this once sleepy town to a thriving economic juggernaut for the Florida economy. Orlando has, in the years, grown significantly beyond strictly the tourism industry and is now home to some of the tallest skyscrapers in the Southeast.

At 426 feet tall, the Vue at Lake Eola is the third largest skyscraper in the area and is located in downtown Orlando. Composed of penthouses and condominiums for residential, midtown living, the penthouses are on the top floors and feature access to the 36th floor and balcony.
Slightly, and only two feet, taller than the Vue is the Peabody Orlando. One of the premiere hotels in Orlando, this hotel boasts 1,641 rooms and 31 stories. Built in 1986 and renovated to fresher, newer standards of hotel occupancy and technologies in 2010, it now has a second expansion tower to accompany the original.

Rounding out the top three buildings and the largest building not only in Orlando but in central Florida is the SunTrust Center of the SunTrust Bank organization. Standing at an impressive 441 feet, it was built as the headquarters for SunTrust Banks in Florida.

The complete Top 10 List of Tallest Buildings In Orlando

  1. SunTrust Center, 441 ft, 30 fl, blt 1988
  2. The Peabody Orlando Expansion Tower, 428 ft, 31 fls, blt 2010
  3. The Vue at Lake Eola, 426 ft, 35 fls, blt 2007
  4. Orange County Courthouse, 416 ft, 24 fls, blt 1997
  5. Bank of America Center, 409 ft, 28 els, blt 1988
  6. SeaWorld SkyTower, 400 ft., Viewing Tower, blt 1973
  7. 55 West on the Esplanade, 377 ft., 32 fls., 2008
  8. Solaire at the Plaza, 359 ft., 30 flrs., blt 2006
  9. Dynetech Centre, 357 ft., 31 flrs, blt 2008
  10. Orlando International Airport Control Tower, 346 ft., Control Tower, blt 2002

 

Other notable tall buildings in Orlando are:

Citrus Center, 280 ft., 18 flrs, blt 1971
Premiere Trade Plaza Office Tower II, 17 flrs, blt 2006

Orlando Real Estate Market On The Rise

Orlando Commercial Real Estate Market Statistics Improving

 

Is now the right time to invest in commercial real estate in Orlando, Florida? The property market, both domestic and commercial, has been highly volatile since the start of the economic crisis. People are scared to invest in anything, particularly commercial properties. Considering the public has little money to spend, investing in commercial property seems incredibly risky, since a large proportion of newly starting businesses fail and go under very rapidly. However, it seems some good news is on the horizon.

After a precipitous decline in 2008 and a faltering recovery since then, the Florida housing market appears to have returned to a growth path this year.

Research economists aren’t sure if this is a true recovery,or rather a quick up tick in prices or part of just the first wave of a full blown recovery. So, it seems that the time to buy commercial properties in Orlando, Florida, is here.

Orlando Is Back in Businesses

A great example that proves the growth in the commercial real estate market in Orlando is found in the Lake Nona area. Whenever you attend this part of the city, you will notice that new businesses have been added and that the face of the area has changed yet again. This is a wonderful positive development .

The Orlando City Council on April 8 approved Lake Nona Land Co. LLC’s master plan for a 17-acre office park near the fast-growing biotech hub of Medical City. The estimated $85 million project includes 570,000 square feet of general office space in three buildings, a 150-room hotel and two 10,000-square-foot restaurants, along with 2,830 parking spaces in two parking structures and surface parking lots.

And that is just part of the good news, as restaurants and shopping centers are also being developed. Residential real estate has already been on the rise for some time now in Lake Nona, but the commercial side of things is now picking up.

Orlando, Florida Commercial Real Estate Statistics

For those who like and understand numbers, the following statistics should help you even further. Various statistics are being collated, with Jones Lang Lasalle  providing regular statistics on offices and industries, to name but a few. According to their research, which is always well received and highly truthful

Orlando’s seasonally adjusted unemployment rate dipped 10 basis points from July to August. At 8.5 percent, Orlando’s Metro unemployment rate dipped to a post-recession low and 190 basis points below its rate one year ago. Moreover, nonfarm payrolls expanded by a moderate pace of the 12 month period as employers added a total of 26,400 new jobs, amounting to a 2.8 percent expansion of nonfarm payrolls.

This is but a part of the positive news however. It seems that the rate of direct vacancies is down, the rate of vacancies is down and the leasing activity is up. Similar pictures are seen across the other areas monitored by Jones Lang and Lasall as well, showing a highly promising future for the young boy. The local economy is becoming stronger and stronger ant his is mainly found in the construction industry, making that a particularly interesting area of commerce and businesses.

A number of companies who held off on investing in commercial real estate in Orlando are now actively considering a number of properties. All the statistics and information tell us that you will be able to get a great deal on your piece of commercial land, whether you want to use it to build your own business, or whether you want to buy it with a business included and rent it out.