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Recent Sales and Leases from Cushman & Wakefield | Commercial Property Southwest Florida – January 7, 2019

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Recent Sales: A parcel of land at 661 Logan Boulevard N, Naples for $1,225,000. Gary Tasman and Lane Boy of Cushman & Wakefield Commercial Property Southwest Florida represented the buyer in negotiating the transaction. RD Ramadon, Inc., purchased a 3,200 square foot industrial building at 2664/2686 Crag Street, Fort Myers for $355,000.  Gary Tasman and John Albion of Cushman & Wakefield Commercial Property Southwest Florida represented the seller in negotiating the transaction. 13 parcels of land were sold for Lehigh Investment Group, LLC for a total of $139,150.  Gary Tasman and Pam Van Vleck of Cushman & Wakefield Commercial Property Southwest Florida acted as the transaction brokers in negotiating the transaction. Recent Leases: Odyssey Child Care Center, Inc. leased 6,167 square feet of office space for a lease term of 3 years at 4246 Evans Avenue, Fort Myers.  Gary Tasman and John Albion of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. Capital Shield, Inc. leased 4,405 square feet of office space for a lease term of 3 years at 10070 Daniels Interstate Court, #200, Fort Myers.  Gary Tasman and Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. Sun National Title Company, LLC leased 2,942 square feet of office space for a lease term of 61 months at 1520 Royal Palm Square Boulevard, Suite 100, Fort Myers.  Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord in negotiating the transaction. Capital Care Group P LLC leased 2,083 square feet of office space for a lease term of 3 years at 5294 Summerlin Commons Way, #1203, Fort Myers.   Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. American Imprintables, Inc. leased 1,920 square feet of retail space for a lease term of 2 years at 4168 Cleveland Avenue, Fort Myers.  Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. Unlock Your Mind With Coach Ray, LLC leased 1,322 square feet of office space for a lease term of 13 months at 3507 Lee Boulevard, Suite 290, Lehigh Acres.   Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. Sagebrush Massage, LLC leased 1,174 square feet of retail space for a lease term of 2 years, 1 month at 12995 S Cleveland Avenue, Unit 214, Fort Myers.  Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. Silky Skin Wax leased 1,080 square feet of retail space for a lease term of 3 years, 6 months at 1338 Del Prado Boulevard, Suite 7, Cape Coral. Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. Halcyon Management Group, Inc. leased 1,000 square feet of office space for a lease term of 3 years at 3660 Central Avenue, #6, Fort Myers.  Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the tenant in negotiating the transaction. Family 1st Tax Services, Inc leased 960 square feet of office space for a lease term of 6 months at 4172 Cleveland Avenue, Fort Myers.  Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord in negotiating the transaction. Marissa’s Touch Luxury Pet Spa, LLC leased 960 square feet of retail space for a lease term of 3 years, 2 months at 4204 Cleveland Avenue, Fort Myers. Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. Foster & Foster Consulting Actuaries leased 118 square feet of office space for a lease term of 3 years at 2503 Del Prado Boulevard, #502 , Cape Coral.  Gary Tasman and Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. Workforce Business Services. Inc. leased 140 square feet of office space for a lease term of 2 years at 3507 Lee Boulevard, #244, Lehigh Acres.  Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. For more information or to learn more about Commercial Property Southwest Florida, please contact Gary Tasman at gtasman@cpswfl.com or visit www.cpswfl.com.

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Recent Sales and Leases from Cushman & Wakefield | Commercial Property Southwest Florida

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Recent Sales: Elm Energy-EZ Comply LLC purchased a flex/industrial building at 8901 Quality Road, Bonita Springs for $2,625,000.  Gary Tasman and John Albion of Cushman & Wakefield Commercial Property Southwest Florida were the transaction brokers in negotiating the transaction. Primrose School Franchising Co purchased 2.26 acres of vacant land at 10350 Corkscrew Commons Drive, Estero for $1,000,000.  Gary Tasman and Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida represented the seller in negotiating the transaction. 201 Waldo LLC purchased vacant land at 20 Waldo Avenue N, Lehigh Acres for $882,500.  Gary Tasman and John Albion of Cushman & Wakefield Commercial Property Southwest Florida represented the seller in negotiating the transaction. Recent Leases: Envision Lighting Systems LLC leased 3,134 square feet of office space for a lease term of 4 years, 1 month at 5268 Summerlin Commons Way, #504, Fort Myers. Gary Tasman/John Albion/Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. IGT Global Solutions Corporation leased 2,800 square feet of flex space for a lease term of 87 months at 28041 Airpark Drive, Unit #104 & 105, Punta Gorda.  Gary Tasman and John Albion of Cushman & Wakefield Commercial Property Southwest Florida represented the tenant in negotiating the transaction. Forte Management LLC leased 1,105 square feet of office space for a lease term of 24 months at 1100 Fifth Avenue S, Naples.  Gary Tasman and Lisa Paul of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord in negotiating the transaction. 165 square feet of office space was leased for a lease term of 6 months at 12995 S Cleveland Avenue, PBS #59, Fort Myers.  Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord in negotiating the transaction. For more information or to learn more about Commercial Property Southwest Florida, please contact Gary Tasman at gtasman@cpswfl.com or visit www.cpswfl.com. About Cushman & Wakefield | Commercial Property Southwest Florida Commercial Property Southwest Florida, LLC is an alliance member of Cushman & Wakefield is located at 5220 Summerlin Commons Blvd, Suite 500, Fort Myers, FL. For more information, please visit www.cpswfl.com or call 239-489-3600.

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Richard King Joins Cushman & Wakefield | Commercial Property Southwest Florida

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FORT MYERS, Fla. (Nov. 7, 2018)—Cushman & Wakefield | Commercial Property Southwest Florida has announced that Richard King has joined as Vice President of Property Management and Facility Services. In this role, King is responsible for overseeing property managers and accounting project management, as well as facilities services for Charlotte, Lee and Collier counties. “Richard’s impressive background and expertise are an asset to our organization“ said Gary Tasman, CEO & Principal Broker. “His leadership and strategic thinking skills will be invaluable as we continue to grow our business and solidify our position as the firm of choice for all commercial real estate needs.” A 23-plus year real estate industry veteran, King has an extensive background in asset management and property and facilities management of office, retail, mixed-use and industrial properties. Most recently, he spent two years at Transwestern as Vice President of Asset Services, managing high profile portfolios in various markets across South Florida, including Miami-Dade, Broward and Palm Beach counties. Prior to his time at Transwestern, King spent 21 years working in the commercial real estate industry, where he held various positions within the property management and facility services division, including Executive Vice President, General Manager and Director. King is active in many professional organizations including: • BOMA Standards of Measurement Office – Contributor • Allocations for Common Area Charges in Mixed-Use – Co-author • BOMA South West Florida – Past President and Founder of • BOMA Florida – Past President • BOMA Southern Region – Past President Growing up as a Navy dependent, King has lived in several countries, including Guam, the Philippines and the United Kingdom. He graduated from the University of San Diego, where he earned a Bachelor’s degree in engineering before serving in the United States Marine Corps. He is also a licensed broker and a certified professional landlord specialist (CPLS). About Cushman & Wakefield Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. Our 48,000 employees in more than 70 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. To learn more, visit www.cpswfl.com.

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Recent Sales and Leases from Cushman & Wakefield | Commercial Property Southwest Florida

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Recent Sales: Go Store It Bonita Holding LLC purchased vacant land at 24501 Production Circle, Bonita Springs for $1,435,000. John Albion of Cushman & Wakefield Commercial Property Southwest Florida represented the seller in negotiating the transaction. Recent Leases: Just Like Family Home Care LLC leased 2,316 square feet of office space for a lease term of 42 months at 3200 Bailey Lane, #117, Naples. Gary Tasman, Lisa Paul and Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. Royal Prestige The Best Company Inc leased 2,009 square feet of office space for a lease term of 37 months at 2830 Winkler Avenue, Fort Myers. Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord in negotiating the transaction. H.W. Lochner, Inc. leased 1,646 square feet of office space for a lease term of 5 years at 1520 Royal Palm Square Boulevard, Suite 205, Fort Myers. Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. Coastal Painting and Waterproofing Inc. leased 1,272 square feet of office space for a lease term of 24 months at 3200 Bailey Lane, Suite 116, Naples. Gary Tasman and Lisa Paul of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. Crystal Daliya CPA leased 108 square feet of office space for a lease term of 15 months at 3333 Renaissance Boulevard, #203, Bonita Springs. Gary Tasman and Lisa Paul of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. For more information or to learn more about Commercial Property Southwest Florida, please contact Gary Tasman at gtasman@cpswfl.com or visit www.cpswfl.com. About Cushman & Wakefield | Commercial Property Southwest Florida Commercial Property Southwest Florida, LLC is an alliance member of Cushman & Wakefield is located at 5220 Summerlin Commons Blvd, Suite 500, Fort Myers, FL. For more information, please visit www.cpswfl.com or call 239-489-3600.

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Lisa Paul Joins Cushman & Wakefield | Commercial Property Southwest Florida

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NAPLES, Fla. (Oct. 9, 2018)—Cushman & Wakefield | Commercial Property Southwest Florida has announced that Lisa Paul has joined as Regional Director of Property Management Naples. As Regional Director, Paul is responsible for new business development, as well as property management and leasing throughout Collier County. She is based in the firm’s new office, located in the Wilson Professional Center, 3200 Bailey Lane in Naples. “We are excited to have Lisa join our management team,” said Gary Tasman, CEO & Principal Broker. “Her talent and expertise in commercial real estate, paired with her management style and ability to build relationships are a proven formula for success and make her a valuable asset to our organization.” A 25-year commercial real estate industry veteran, Paul brings a wealth of experience in building management and operations, property leasing, financial reporting, capital and operating budgets, vendor management and marketing, as well as implementing tenant and capital improvements. She began her commercial real estate career working for Collier Enterprises as a property manager and advanced her career working in a variety of positions for other firms such as Trammell Crow, Neapolitan Enterprises and The Lutgert Companies. Prior to joining Cushman & Wakefield, she worked for Hoffman Commercial Real Estate as Vice President of Property Management. An Ohio native, Paul graduated from the University of Toledo, where she earned a Bachelor of Science degree in intergovernmental relations. She also obtained a Florida real estate license, Community Association Management (CAM) license and earned a certified shopping center manager designation from the International Council of Shopping Centers (ICSC). About Cushman & Wakefield Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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Freeland Joins Cushman & Wakefield Commercial Property Southwest Florida as Associate Director

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FORT MYERS, Fla. (Sept. 24, 2018)—Cushman & Wakefield Commercial Property Southwest Florida has hired Shaune Freeland as Associate Director, announced Gary Tasman, CEO & Principal Broker. As Associate Director, Freeland is responsible for growing the firm’s transaction business and property management presence in Charlotte County. A Florida native and 15-year resident of Charlotte County, Freeland will be instrumental in representing clients in all phases of real estate, including leasing, sales and property management. An award-winning sales executive, Freeland is able to discern what clients want and need. Since obtaining her real estate license in 2002, she has utilized her unique edge to position herself as a leading and sought-after real estate professional, handling a multitude of transactions simultaneously. Freeland is an active community leader and participates in a variety of organizations, including: Charlotte Local Education Foundation – Board Member Urban Land Institute (ULI) Charlotte County Economic Development Partnership International Council of Shopping Centers (ICSC) National Association of Realtors® Certified Commercial Investment Member (CCIM) “We are excited to have Shaune on our team,” said Tasman. “Her deep local relationships, strong knowledge and proven track record of real estate success is key to growing our business. Her talent and diplomatic approach will be invaluable in providing our clients with the high level of service they have come to expect from our organization.“ About Cushman & Wakefield Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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Q2 2018 Newsletter

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Dear Friends and Clients, We are more than halfway through 2018 and thus far, it’s been a good year for commercial real estate. New developments are coming to fruition, investor outlook remains stable for the office sector and the Florida commercial real estate industry ranks third in the U.S., according to an annual economic impact study by NAIOP. Cushman & Wakefield | Commercial Property Southwest Florida finished Q2 strong and to add to our excitement, we have been nominated for the Industry Appreciation Business Citizenship Award. Thank you to our friends and clients for your continued support.  We look forward to serving you throughout the second half of 2018. Sincerely, Gary Tasman CEO & Principal Broker Q2 MARKETBEAT REPORTS Navigating the Southwest Florida commercial real estate market and economic indicators affecting its performance can be a challenging task. Cushman & Wakefield | Commercial Property Southwest Florida offers quarterly MarketBeat reports to help you stay ahead of the real estate curve. MarketBeat reports offer trends, insights and forecasts on all segments of the commercial real estate market in the region. They provide answers to questions such as the current state of the market, and where the real estate market is going. Q2 2018 reports are now available. Download a free copy today. COWORKING TREND Coworking spaces are becoming the norm in many metropolitan cities. According to the 2017 Global Coworking Survey, it is estimated that more than 1.1 million people went to work at 13,800 coworking spaces worldwide. See how the trend is affecting SWFL.Read More FINANCIAL SERVICES REPORT Financial services companies are set to occupy more office space over the next two to three years. In the first four months of 2018, there were slightly more than 8.5 million people employed in the financial services sector representing about 27% of all office-using jobs in the country.Read More MULTITENANT WAREHOUSE OUTLOOK Healthy demand and tight supply has made Multitenant Distribution(MTD) among the best performing commercial real estate segments. MTD comprises the largest share of U.S. industrial product and an even greater share of industrial properties with income-generating promise that attract the attention of institutional buyers.Read More SPOTLIGHT ON CYBERSECURITY Each day the world creates 2.5 quintillion bytes of data, with 90% of all existing data created over the past two years alone. With more of our business and personal lives being stored and logged online, the need for cybersecurity has never been more urgent.Read More U.S. SHOPPING CENTER REPORT Consumer confidence remains at a historically high level indicating future growth. These consumer metrics are all positive signs for a strong retail market.Read More 2ND LONGEST ECONOMIC EXPANSION IN HISTORY On May 1, the current economic expansion officially became the second longest in history at 107 months. Only the 1990s expansion of 120 months was longer. Will it end? Read more and the factors to watch for in Cycle Watch.Read More INDUSTRY APPRECIATION AWARDS NOMINATION– BUSINESS CITIZENSHIP Cushman & Wakefield | Commercial Property Southwest Florida is proud to be a nominee for the Industry Appreciation Award for Business Citizenship. The award, is given to a company whose financial, volunteer and active involvement in community organizations and programs create a better quality of business and civic life in Lee County. Awards will be given in two categories: Large (51+ employees), Small (1-50 employees) – An awards luncheon will be held on Oct 4 to announce the winners. JUNIOR ACHIEVEMENT BOWL-A-THON Cushman & Wakefield | Commercial Property Southwest Florida will be a co-sponsor for the upcoming 2018 Junior Achievement Bowl-a-thon, being held on Wednesday, August 29 from 6:00 p.m. – 8:30 p.m. at HeadPinz Entertainment Center in Fort Myers. This will be our third year as a sponsor of the event. The event raises funds to support Junior Achievement of Southwest Florida programs throughout schools in SWFL. Come out and support our team, or form your own team of six players. Sponsorship opportunities are available. Go to JASWFL.org for more details. CUSHMAN & WAKEFIELD EMPLOYEES CLEAN UP Cushman & Wakefield | Commercial Property Southwest Florida volunteers recently showed their pride in the City of Fort Myers with clean-up efforts along the portion of the road we sponsor – Summerlin Road corridor from Brantley Road to College Parkway – through the Adopt A Road program. Volunteers braved the heat to reduce the amount of trash, while sharing stories of the best trash picked and developing a profound camaraderie. The Adopt A Road program is easy to join and a great way to show community support. EMPLOYEE SPOTLIGHT Coming soon, we will be introducing the Cushman & Wakefield | Commercial Property Southwest Florida ‘employee spotlight’ which will highlight our great employees and the wonderful work they do in and out of the office. We are excited to give our friends and clients a glimpse of the C&W team and all that we have to offer. SALES Closed – 4/25/2018 – Gary Tasman and Shawn Stoneburner represented the buyer, Continental 422 Fund LLC to purchase a 34.19 acre parcel of vacant land located at 4467 Thomasson Drive, Naples for $12,990,000. Closed – 4/10/2018 – Gary Tasman & Shawn Stoneburner represented the seller in the sale of the News Press Campus located at 2404 Dr. Martin Luther King Jr., Blvd. The campus consisted of 4 buildings totaling over 180,000 SF, set on over 11 acres in a prime mid-town location. The property sold for $4,755,682 to an investment company from NY. Closed – 5/8/2018 – Gary Tasman & Shawn Stoneburner represented both the buyer and seller in negotiating the sale of a vacant parcel of land adjacent to I-75 at Colonial Blvd., the 20 acre parcel sold for $4,400,000 to LIV development. Closed – 6/18/2018 – Gary Tasman & John Albion represented the buyer Maugeri Investment Properties to purchase 3.10 acres of vacant land located at 14565/14575 Global Parkway for $875,000.00. Closed 6/15/2018 –Gary Tasman and Pamela Van Vleck represented the Seller, Petray Property Investments in selling a 11,340 SF mixed- use retail/office property located at 1469

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Recent Transactions

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August 28, 2018 – Cushman & Wakefield Commercial Property Southwest Florida completed the following transactions. Recent Sales: 4,592 square foot building at 11620 S Cleveland Avenue, Fort Myers for $1,127,500.  Gary Tasman and Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida were transaction brokers in negotiating the transaction. 3,477 square foot building at 530 SE 16th Place, Cape Coral for $700,000.   Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the seller in negotiating the transaction. 14,220 square foot building at 4450 Camino Real Way, Fort Myers for $325,000.   Gary Tasman and Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida were transaction brokers in negotiating the transaction. Recent Leases: Cole, Scott & Kissane P.A. leased 13,244 square feet of office space for a lease term of 7 years at 27300 Riverview Center Boulevard, #200, Bonita Springs.  Gary Tasman and Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida represented the tenant in negotiating the transaction. Family Health Centers of SW FL Inc. leased 7,635 square feet of medical office space for a lease term of 12 months at 3400 Lee Boulevard, Suites 101-104, Lehigh Acres.  Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. Browning Chapman, LLC leased 4,210 square feet of flex space for a lease term of 3 years, 1 month at 13850 Treeline Avenue South, Fort Myers.  Gary Tasman and John Albion of Cushman & Wakefield Commercial Property Southwest Florida represented the tenant in negotiating the transaction. Tropic Pace Fitness III, LLC leased 2,680 square feet of retail space for a least term of 5 years at 2311 Santa Barbara Boulevard, Cape Coral.  Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the tenant in negotiating the transaction. PWC-LLC leased 1,977 square feet of office space for a lease term of 36 months at 5256 Summerlin Commons Way, Suite 903, Fort Myers.  Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord in negotiating the transaction. Knox Servicing LLC leased 1,610 square feet of retail space for a lease term of 10 years at 5611 Six Mile Commercial Court, #2, Fort Myers. Gary Tasman and Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord in negotiating the transaction. US Bank National Association leased 1,445 square feet of office space for a lease term of 48 months at 9105 Strada Place, #3-205, Naples.  Gary Tasman and Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida represented the tenant in negotiating the transaction. Westcor Land Title Insurance Company leased 1,113 square feet of office space for a lease term of 36.5 months at 2503 Del Prado Boulevard, #411, Cape Coral.  Gary Tasman and Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. Extreme Quality Home Health Care Corp. leased 1,066 square feet of office space for a lease term of 12 months at 12995 S Cleveland Avenue, Suite 232-233, Fort Myers.  Gary Tasman and Gretchen Smith of Cushman & Wakefield Commercial Property Southwest Florida represented the landlord and tenant in negotiating the transaction. For more information or to learn more about Commercial Property Southwest Florida, please contact Gary Tasman at gtasman@cpswfl.com or visit www.cpswfl.com.

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Marina Joel – CAM Licensing

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FORT MYERS, Fla. (August 16, 2018) – Marina Joel, Chief Financial Officer at Cushman & Wakefield Commercial Property Southwest Florida successfully passed the Community Association Manager (CAM) licensing process and examination on August 1st, 2018. Joel became licensed by the Department of Business and Professional Regulation (DBPR), an agency charged with licensing and regulating more than a million businesses and professionals in the State of Florida, such as brokers and real estate agents. Gary Tasman, CEO and Principal Broker said, “Having CAM licenses on our Property and Association Management Team is a significant differentiator. It demonstrates our focus, commitment and competency to our clients and the entire market.  Marina Joel is focused and passionate about client service.  She is committed to consistent improvement and this milestone further demonstrates the depths that she and her entire property management team endeavor to exceed our client’s expectations.”

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Is the Coworking Trend Moving Towards SWFL?

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Is the Coworking Trend Moving Towards SWFL? By Gary Tasman CEO & Broker Cushman & Wakefield Commercial Property Southwest Florida Coworking spaces are becoming the norm in many metropolitan cities. According to the 2017 Global Coworking Survey, it is estimated that more than 1.1 million people went to work at 13,800 coworking spaces worldwide. Coworking spaces are defined as membership-based workspaces where diverse groups of freelancers, remote workers, and other independent professionals work together in a shared communal setting. Coworking space memberships have experienced steady growth since the idea became reality. Benefits of Coworking Coworking is beneficial for small business owners who are looking to work in a cooperative space without breaking the bank. In the past, businesses could not afford to acquire space on their own and then incur administrative expenses on top of that. Advancements in technology allow this model to work and creates an ultra-efficient workspace that is open to collaboration. Unlike a traditional office, coworking spaces consist of members who serve a wide variety of different companies, via a diverse range of ventures and projects. The concept also provides a physical workspace for those whose only alternative is working from home. Professionals can benefit from sharing creative ideas, knowledge, resources and services. Coworking facilities play a role in keeping local talent by nurturing one’s skillset and providing necessary resources and services to support business growth. Another benefit is work-life balance. Independent work spaces offer an option for entrepreneurs to work where they live. With an increase in popularity, it is sure to be a trend that cities of all sizes will soon experience, if they have not already. Emerging Trend The emerging coworking market is here to stay and is a growing trend. It can be described as the new version of the “executive suite,” but on steroids. WeWork, a Fortune 500 company, is credited with introducing the coworking concept and jumpstarting this trend. The business model is similar to that of a fitness club model, in that no matter what city you are working in, there is a WeWork facility that you can access. The coworking model is also very attractive to larger companies who have a mobile workforce but want to remain collaborative. Coworking space is also a popular choice among start-ups. WeWork has grown to become the largest tenant in New York City, since its inception in 2008. Impact on Southwest Florida The concept is beginning to move this way, and the region should be thinking and preparing for its arrival. Coworking is projected to grow to 3.8 million people by 2020. Even a small percentage of this number is enough to see an impact on local market conditions. Although Southwest Florida has seen its fair share of coworking workspaces pop-up recently with the addition of Endeavor Innovative Workspaces, Venture X and the upcoming H2 Innovation Center, the area is still behind the coworking trend curve. The office structure as we know it will change dramatically with the new workspace concept. Characteristics of a productive office will be redefined to identify the value created when using the workspace model. Moving forward, flexibility is the key to minimizing the effect coworking spaces will create. Businesses that adapt and position themselves to respond to market conditions faster will benefit the most. The Southwest Florida commercial real estate office sector is set to feel the effects more than other industry sector. The introduction of coworking spaces will trigger/create a domino effect within ancillary areas of the real estate market, ultimately prompting more business efficiency. Parking ratios will change, as there will be no need for expansive employee parking lots. Building designs will change to reflect less space needed for occupancy by a business, thereby, causing a reduction or elimination in long term leases. Additionally, predictive real estate value models will change, as they are generally modeled by long-term real estate revenue, such as leases. As coworking spaces continue to evolve throughout Southwest Florida, the long-term effects will continue to present themselves. In the meantime, the trend does not seem to be slowing down anytime soon, so the regional businesses should prepare to respond quickly in this everchanging market. For expert advice on the most productive ways to respond, contact Cushman & Wakefield Commercial Property Southwest Florida.

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