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2018 Q4 – Annual Report
Polk – The Polk County commercial real estate sector hardest hit by the 2008 recession was, undoubtedly, office. Thousands of jobs evaporated between 2008 and 2011. For our market, that meant increased vacancy and decreased rental rates.
Lake – Lake County is a large, unique area of Florida. The hills and lakes of Florida’s “Ridge District” transverse the more than 90-mile-length of the county. Lake County shares borders with five other counties on the western side of the Orlando MSA.
Polk – The fourth quarter of 2018 brought continued demand, development, and sales of both industrial facilities and industrial-zoned land throughout Polk County and across Florida.
Lake – The industrial market in Lake County continues to expand, and demand for industrial space is high. Florida’s Turnpike (SR 441), US HWY 27, US HWY 50, and I-4 all provide easy access to Central Florida’s large population base and the rest of the state. Exceptional access makes Lake County an ideal location for commerce distribution centers and other industrial users.
Polk- National retail real estate deal volume was higher in 2018 and almost back to 2007 levels. Much of this was attributable to entity-level transactions involving Westfield and GGP. Individual asset sales were about the same as in 2017. The Real Capital Analytics Commercial Property Price Index shows that retail prices grew a modest 2% well below the overall commercial price increase of 6%.
Lake- In the first quarter of 2019, the U.S. economy grew by 3.2%, registering a four-year high to start the year. We will look at Florida and Lake County’s growth and the “hot zones” of opportunity.
Polk – Laisez les Bon Temps Rouler! “Let the good times roll,” is an old French-Cajun phrase that perfectly sums up today’s apartment markets overall, clear across the entire United States.
Lake – In 2018, Lake County, Florida saw a substantial boom in the multi-family segment of the market including the sale of existing developments and the approval and construction of new developments. Combined with the current residential market conditions, the outlook for multifamily in Lake County is very good.