ISL COMMERCIAL JUNE NEWSLETTER ISL is proud to be opening a new branch in the marketing department with monthly newsletters on our transactions for the Central Florida market. We are also establishing more of a brand presence by providing real estate events, educational content, and sharing ongoing developments on social media.  Recent Transactions Our Agent Emmanuel Peña recently put under contract a multi-use retail property on 4343 S Orange Blossom Trail. This space is zoned C-1 with 14 ft ceilings, 2 restrooms, a waiting room, & 2 offices. It is a great property for any small business owner, only a mile from I-4 & 408. While this property does not have the zoning for auto repair or dealership,
Our Agent Emmanuel Peña recently put under contract a multi-use retail property on 4343 S Orange Blossom Trail. This space is zoned C-1 with 14 ft ceilings, 2 restrooms, a waiting room, & 2 offices. It is a great property for any small business owner, only a mile from I-4 & 408. While this property does not have the zoning for auto repair or dealership,
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CENTRAL FLORIDA REAL ESTATE NEWS & TRENDS Orlando’s post-pandemic economy has fared well compared to other cities across the country with a 2.9% unemployment rate as of May 2022, with the greatest increase in employment in leisure and hospitality. Although this is expected to rise, as fears of an economic recession move closer to reality. The Wall Street Journal has reported, “with interest rates considerably higher—the yield on 10-year Treasury notes, a common benchmark for commercial mortgages, has nearly doubled this year—property investors that rely on large amounts of debt have been some of the first ones to fall out of the market, brokers and investors said.” Interest rates for commercial property have risen to about 6% and are only expected to increase further soon. With that in mind, vacancy rates for office spaces are slowly recovering at 14.1% from historic highs from the pandemic. Office asking rent per square foot has increased but is projected to slow down as companies reevaluate whether employees need to be in the office every day. Institutional investors are continuing to pour money into the exploding Central Florida area, signaling that the market may fair well relative to the rest of the country. However, whatever the state of the market, there will always be deals to be had and may present attractive buying opportunities. The eCommerce boom and expansion of retail-focused firms in the region have led to increased demand and a lack of supply for industrial buildings. Vacancy rates for industrial spaces in Orlando have bounced back well at 4.6% with historical lows of available space of 5.4 million square feet. Asking rent per square foot has increased dramatically as prices continue to rise, especially in Florida. Retail space has experienced a similar craze as vacancy rates have declined to 3.8% and retail sales growth is on the rise, up to 11.2% in Q1.
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