Inflation and increased interest rates are causing concerns, but experts are still optimistic regarding the continued growth of the Florida commercial real estate market. At the moment, the demand is particularly high for industrial and warehouse spaces, especially among enterprises striving to increase their product stock and freight companies creating last-mile distribution centers.
Besides, more and more organizations are moving their employees from remote work back to offices, so the buyer and rental demand for this type of commercial property is also beginning to grow. Two years ago, no one could have imagined that the Florida market would recover so quickly. Now, the amount of available office space in Manatee, Sarasota, and Charlotte Counties dropped to 5%; in Tampa and Saint Petersburg, to 7%.
Large companies that recently rented commercial real estate in Florida include:
- O-Town West. Marriott Vacations Worldwide has recently completed construction of its nine-story headquarters with the floor area of over 27,000 m2, which is the biggest office space in Orlando. The building will only be commissioned in 2023, but it has already been rented by representatives of O-Town West. The facility will feature restaurants, a kindergarten, a gym, and shops.
- Electronic Arts. The world-famous video game developer rented a large office space located in the central part of Orlando. The building is only a two-minute walk away from the UCF Global campus, where potential company employees are learning computer game design.