Commercial Real Estate in Orlando
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Overview of Commercial Real Estate in Orlando
The third-largest metropolitan area in Florida behind Miami and Jacksonville, Orlando is known for its tourism and beaches, but the city’s economy is burgeoned by major industries like high-technology, aviation and aerospace manufacturing, and scientific and military research. Over 150 international companies have a presence in the metropolitan area and the region is home to one of the nation’s largest research parks in the Central Florida Research Park. The country’s largest university, the University of Central Florida, is also in Orlando and supplies thousands of new and qualified job seekers to the competitive job market each year.
Orlando also boasts some of the most competitive commercial real estate prices in the nation relative to its size - rates sit at a comfortable $28 per square foot/year. The majority of high profile, high visibility properties are centered around the city’s bustling Orange Avenue corridor, but due to the sprawling nature of Orlando and its neighboring communities, businesses working in professional services, manufacturing, and retail should have no problem finding suitable commercial space and office space for lease throughout areas like Wadeview Park, Winter Park, and Oak Ridge to the southwest.
Economy of Orlando
Despite its reputation for tourism, Orlando is a major hub for industry and high technology, with the latter bringing in nearly $14 billion per year and employing over 80,000 people. With heavy hitters such as Lockheed Martin, General Dynamics, Amazon, Mitsubishi, AT&T, Boeing, HP, Northrop Grumman, and Raytheon, the region caters to aviation, research and development, and a heavy military research presence.
Orlando is also home to an important pipeline for the entertainment industry. Universal and Disney both maintain studios in the region and multiple specialized schools for computer and 3D modelling are located within the city.
And of course, tourism makes up a major slice of Orlando’s economic pie, with visitors spending over $33 billion in 2016. Orlando is home to 7 of the 10 most visited theme parks in the country and 5 of the 10 most visited in the entire world.
Trends of Orlando
Orlando is a dynamic and ever-changing city and isn’t as restricted by its geography as other cities its size. With a metropolitan population of 2.4 million and a healthy median household income, home prices are as affordable for single families compared to many other cities of a similar size. As a result, the city has grown by 41% since 2000, offering a major influx of qualified talent to a healthy, but competitive job market.
As one of the few markets with homes sitting below their pre-recession peaks, Orlando is a major attraction for both tourists and young families seeking more space for their money compared to other major cities.
Orlando has 2,521 commercial real estate spaces for lease, representing 31,009,223 sqft space.
758 buildings are available for sale.
In the past 30 days, Orlando has had 312 spaces leased and 7 new spaces come on market.