The demand for commercial real estate is strong here in Florida. Here in Indian River County we have some great retail spaces being offered for sale, while we also still have plenty of raw land available.
According to what I have seen, our fundamentals are still very strong, with high occupancy rates, and not nearly as much construction as the demand would call for.
As I was driving up US Hwy 1 towards Brevard County, where there once were long stretches of vacant land a couple of years ago, I noticed it seemed like every where one looks there is a new building going up. To be sure, there are still areas along US Hwy 1 where vacant land is being offered on the market and this could be a good time to snap it up.
As for the outlook on Commercial Real Estate overall:
“Based on the demand that we’re seeing from the e-commerce sector — as well as from traditional brick-and-mortar retailers that are entering or expanding in the online space — we can fully expect that e-commerce will continue to drive the market next year,” Bridge Development Partners President Anthony Pricco said. “This is especially true for infill sites proximate to the major population centers. While the rising costs of land and construction could be viewed as emerging market headwinds, the upside of industrial development is still exceptionally strong, as rents have been appreciating at an even faster pace.” Egan told Bisnow he would not be surprised if net absorption tapered off in 2019 due to new supply not keeping pace with robust demand levels. “You can only absorb what’s available,” he said. “While we expect to see supply-demand relatively in check, those growth metrics will still be positive.”
Read more at: https://www.bisnow.com/national/news/commercial-real-estate/commercial-real-estate-trends-to-dominate-in-2019-95890?utm_source=CopyShare&utm_medium=Browser