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Dear Friends and Clients, 2020 continues to bring us change and uncertainty. What’s the positive news? Mounting evidence indicates that our economy began recovering from the COVID-19 recession in May or June, and our Q3 2020 data reflects that. No matter what the future brings, Cushman & Wakefield Commercial Property Southwest Florida has the data and resources to help you navigate it. We’ll continue analyzing the data and providing you with our expert assessments of trends so you can make informed decisions about your commercial property. As always, thank you for being a part of our network. Feel free to call or email me any time with questions about commercial real estate in our region. Sincerely, Gary Tasman CEO & Principal Broker Q3 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. Q3 2020 reports are now available. INDUSTRIAL Q3 2020 Distribution and warehouse leasing led the way in industrial transactions in Q3 2020, but even with 283,902 SF leased, lags significantly behind 2019 numbers. One bright spot is an increase in manufacturing asking rents, which have jumped more than 10% over the last three months. This increase is likely because manufacturers are focusing more on the health and safety of their people and retooling their technology systems to handle changes brought forth by COVID-19. Download Report OFFICE Q3 2020 Although the unemployment rate has improved significantly since last quarter, the COVID recession continues to impact office vacancy rates in Southwest Florida. Overall, our region’s vacancy rate in 5.9%, a slight increase from Q2, however, the North Naples submarket has a 12.2% vacancy rate, a 230 basis point increase over the least three months, and Collier County as a whole has a 10.5% office vacancy rate. Download Report MEDICAL OFFICE Q3 2020 In recent years, Medical Office Building (MOB) tenants have comprised an outsized portion of companies leasing space in the Southwest Florida metro. This can largely be attributed to retirees moving into the area seeking healthcare services. Medical office in Fort Myers has seen vacancy levels drop to approximately *%, almost half of the rate from five years ago. Even with the high level of need for medical services in our region, Southwest Florida ended Q3 with MOB vacancy at 9.5%, a 70 basis-point increase from Q3 2019. Download Report LOCAL NEWS IS INDUSTRIAL THE RECESSION-PROOF ASSET CLASS? The industrial property segment has been among the top performing asset classes in terms of net occupancy growth, rent growth and capital appreciation over the past several years. As COVID-19 spread across the country, real estate markets across the country have been affected in various ways. However, the industrial asset class seems to endure despite the challenges that the COVID-19 recession has brought forth. Much of this is due to the industrial market’s strong position heading into the pandemic. Read More THE VERGE OF A RENAISSANCE: DOWNTOWN AND MIDTOWN FORT MYERS Fort Myers’ River District has been on the cusp of a renaissance for several years. The walkable streets, charming shops, outdoor dining, and plentiful events have drawn visitors back to the city’s once-struggling downtown. The opening of the long-awaited Luminary Hotel & Co. may well represent the tipping point in Fort Myers’ downtown transformation from a local favorite to a national conference and vacation destination. Read More WHAT’S YOUR TAKE…ON THE RECOVERY OF OFFICES? (VIDEO) In this episode of “What’s your Take”, Cushman & Wakefield’s Global Head of Forecasting, Rebecca Rockey, talks about the economy, timing of the recovery and more. Our discussion touches on: How the economy will look over the next 24 months Growth in office-based employment The sectors that will recover most quickly The biggest surprise of the year Creating a view of the future in a time of fundamental uncertainty Read More GLOBAL NEWS CUSHMAN & WAKEFIELD AGAIN NAMED WORLD’S TOP REAL ESTATE ADVISOR For the third consecutive year, Cushman & Wakefield has been named the world’s top commercial real estate advisor and consultant in Euromoney’s annual Real Estate Survey. Cushman & Wakefield was also named the No. 1 advisor and consultant for Property Valuation and No. 1 in Agency Letting/Sales. The firm also claimed the No. 1 spot for Investment Managers. Read More GLOBAL ECONOMY REOPENING TRACKER The Cushman & Wakefield Global Economy Reopening Tracker provides a vantage into the changing landscape of economic and social activity across major markets around the world. While the dynamics and details of reopening vary from city-to-city and country to country, governments, health organizations and businesses are working together to reopen multiple sectors of the global economy. Read More GLOBAL OFFICE IMPACT STUDY AND RECOVERY TIMING REPORT COVID-19 is disrupting the economy, accelerating shifts and creating structural changes that will persist for years. Several forces are at play-from office-using job losses, to higher vacancy and downward pressure on rental rates, to an increase in the share of employees who will now work from home either permanently or more regularly. Read More EMPLOYEE SPOTLIGHT Lane Boy Lane Boy joined Cushman & Wakefield | Commercial Property Southwest Florida in July of 2017 and is a director with a passion for commercial property of all types and a particular interest in industrial property and land brokerage. Prior to joining our firm, Lane spent two decades as the CEO of two different real-estate-related businesses, finely honing his negotiating skills to deliver outstanding results for his clients (both buyers and sellers) in even the most complex transactions. Recently, Lane put his skills to work on brokering the sale of a 1.05 acre lot in a prime location just off