Southwest Florida’s Diversifying Economy (and why it’s important for property owners)

By Gary Tasman Although it may seem as though time has stood still since early March when the COVID-19 pandemic began impacting our region, Southwest Florida has continued to grow. In fact, data from AtoZ Database indicates that nearly 15,000 people have made Southwest Florida their permanent or primary home in the last six months, representing close to 10,000 households. Many of these new residents come via our traditional migration paths. It’s probably no surprise to anyone that about 40% of our area’s newcomers hail from New England, New York, New Jersey, and the upper Midwest. Our sunny and mild winters have been a magnet for transplants from these regions for decades. More surprising, however, is the number of families moving to our region from other parts of the Sunshine State. A full 20% of Southwest Florida’s newest residents hail from areas like Tampa, Orlando, and the state’s bustling east coast. And while northerners move to Southwest Florida for sunshine, fellow Floridians are now flocking to our area for another reason: opportunity. Ready to make a move ? Get started by contacting us. “For decades, the blessing and curse of Southwest Florida has been its distinction as a vacation paradise,” explains Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida. Tourism and hospitality have been our region’s major economic drivers since the mid-1900s. In good years, the steady flow of tourists to Southwest Florida have kept taxes low and the quality of life high. In other years, our dependence on tourism and hospitality have left us vulnerable as hurricanes, the BP oil spill, and other external factors have stemmed the flow of tourists to our coastal paradise and damaged our region’s economy. Diversifying our economy has been a top priority for our area’s leaders, and that vision for a more varied economy is finally becoming a reality. Today, Southwest Florida is becoming a hotspot for technology, manufacturing and entrepreneurship. Powerhouses Arthrex, NeoGenomics, Gartner, and Alta Resources have expanded their considerable footprints in our area by purchasing property, building facilities and hiring employees, making the region more desirable for other companies to do the same. Growth like this begets more growth, creating a sustainable cycle of economic activity and opportunity. “As businesses move to our area, they lure employees from other parts of the state and across the country,” says Stoneburner. “This influx of new residents creates demand for schools, medical facilities, grocery stores, and other service providers. The construction industry and commercial property owners benefit, and the cycle continues.” Our area will soon see another boost, thanks to the Edison Awards, an international program that honors innovation and brings together hundreds of world-class thought leaders from around the globe for a conference, showcase, and awards program. Fort Myers will be the home of the Edison Awards for at least the next three years, bringing unprecedented exposure to our region. Many of the world’s brightest business minds will converge upon Southwest Florida and will surely see the opportunities that our region presents. Our region’s growth, diversification, and bright future are of great importance to commercial property owners. As new residents flock to Southwest Florida, new businesses are following suit, and their planners are seeking land and existing buildings to stake a claim in Southwest Florida. In turn, the intrinsic value of your property increases. If you own commercial property in our region, now is a great time to sell. If you own a commercial property and want to understand the value it holds, Gary Tasman and Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida are your go-to team. Their extensive knowledge of Southwest Florida, along with best-in-class data and evidence-based insights, will help position your property to sell for maximum value in minimum time. The landscape of Southwest Florida is changing. Are you ready for it? Cushman & Wakefield Commercial Property Southwest Florida wants to help you take advantage of this opportunity. Contact-us.

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. Use Cushman & Wakefield’s interactive map to find out how the U.S. and Canadian industrial real estate markets were performing at the onset of the current recession compared to previous recessions and read the full report to understand how key industrial markets are expected to weather the storm.

By Gary Tasman 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. This month’s 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. For property investors, this change represents a great opportunity. For three decades, Fort Myers has watched convention business flee southward to the islands, Bonita Springs, and Naples, despite boasting a 30,000-square foot conference center. Limited hotel space in the downtown core, combined with the allure of beaches and outdoor recreation in other locations, made these other spots more ideal sites for business travelers and their families. Ready to make a move ? Get started by contacting us. The Luminary and other future developments in Fort Myers will resolve many of these issues, and drive demand for even more development in and around the River District. The 243-room Luminary is one of three downtown-area hotels in the works. A proposed 111-room Hampton Inn at the intersection of Cleveland Ave. and McGregor Blvd. and a 135-room Holiday Inn on the east side of the River District on Second St. are both currently in permitting and will offer lodging at a variety of price points for convention-goers and families. “The Caloosa Sound Convention Center and the Luminary Hotel are just the beginning,” explains Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida. “Business owners want to keep convention attendees and their families downtown, and we can expect to see a lot of growth in entertainment and recreation to keep folks in Fort Myers for their full stay.” The organization behind the Luminary, MainSail Lodging & Development, will be part of that plan. In addition to onsite hotel amenities like a rooftop lounge, coffee roastery, and culinary theater, MainSail will develop an amphitheater in Centennial Park for year-round entertainment. The company is also converting the empty City Pier building into a restaurant and recreational outfitter where visitors can rent a bicycle, paddle board or kayak to navigate the city’s riverfront. With the potential for thousands of new weekly visitors downtown for conferences and meetings, the demand for even more vibrant entertainment offerings will be high, potentially reshaping the look and character of both downtown and midtown Fort Myers. The city’s Midtown Vision Plan will build upon the success of the River District and extend the city’s core beyond Dr. Martin Luther King Blvd. As it is currently planned, the city’s vision for Midtown would turn the area just south of the River District into a vibrant, mixed-use community over the next decade. The district would expand the city’s historic downtown while infusing economic development into the area just south of downtown. Anchored by City of Palms Park, Midtown has seen little development or investment since the Boston Red Sox vacated its spring training home nearly a decade ago. “Property values have been relatively static in Midtown, and very little property has changed hands in this area,” says Stoneburner. “But when there has been development in Midtown, it’s been big news. The transformation of the old train depot into the Southwest Florida Community Foundation is one great example.” Smart investors are scouting not only downtown Fort Myers but also Midtown for opportunities to take advantage of the city’s upcoming renaissance. City leaders are committed to revitalizing the Midtown neighborhood, increasing density levels to allow for more multi-unit housing and commercial buildings, and improving the utility infrastructure to support more development. If you currently hold property in or around downtown or midtown Fort Myers, you don’t want to miss out on the budding opportunities in this area. The experts at Cushman & Wakefield Commercial Property Southwest Florida are equipped with local expertise and access to best-in-class data and analytics to create powerful insights. Cushman & Wakefield’s professionals can provide you with a free property valuation to help you determine the ideal price for your property and discover the optimal time to sell. The landscape of downtown and midtown Fort Myers is changing. Are you ready for it? Cushman & Wakefield Commercial Property Southwest Florida wants to help you take advantage of this opportunity. Contact-us.

By Gary Tasman Fitness centers. Meditation rooms. Pool tables. Only a decade ago, office amenities like these were nearly unheard of, only offered at the most progressive tech companies. Today, unique services and experiential offerings like these have become the norm at many workplaces. Employers who want to remain relevant and attract top talent are taking notice and adapting their workplace designs to incorporate more employee amenities. COVID-19 taught us that “going to work” doesn’t necessarily mean traveling to a traditional office building. As a result, employers are searching for ways to motivate staff to gather together and connect with each other and their organization. Amenities like team brainstorming hubs, walking paths and relaxation areas provide both an atmosphere for collaboration as well as an inviting environment. Ready to make a move?  Get started by contacting us. “For several years now, we’ve been seeing retailers expand into this experiential space, and this includes experience-based businesses that have developed in our area,” explains Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida. “Now, employers are taking that cue and are trying to provide unique experiences at the office. As companies reassess their space needs for the post-COVID future, employee amenities need to be part of the total equation.” Many companies have the luxury of planning these perks from the ground up. NeoGenomics’ new headquarters in Lee County, for example, will consist of a three-story office building, a two-story laboratory building, and other support structures totaling 150,000 square feet. Also included in the design are a courtyard, an outdoor dining area, a fitness path, cafes on every floor, and teaming spaces to encourage collaboration. However, creating a great workplace experience can be challenging. With five generations now in the American workforce, employees have widely varying tastes and expectations. Employee insights are essential to determine appropriate amenities. Workers need to share their needs, wants, preferences, and current challenges, so employers can create meaningful experiences. After surveying employees, employers nationwide have started offering out-of-the-box amenities like personal errand-running and on-site childcare facilities. Amenities should also mesh with an organization’s corporate culture. For example, many companies have made employee wellness a strategic priority. Those organizations can provide fitness centers or walking paths to aid in physical well-being, and relaxation areas or meditation rooms to promote emotional well-being. “A great example in our area is Scottlynn USA, who is focusing on health and wellness as it builds a new headquarters,” says Stoneburner. “Their plans include a walking path, fitness centers, and even a basketball court on premises. And they’re still adapting. When the coronavirus pandemic started, they improved their plans to add a new air filtration system.” Creating a creative and inviting living space was vital in the design process for Seagate Development Group, the developer for both Scotlynn and Neogenomics, whose new headquarters opened earlier this year. “Seagate paid attention to aesthetics to help promote creativity in its team,” says Stoneburner. “In addition to amenities like coffee bars, lounge areas, and collaborative workspaces, they also made the facility warm and inviting with an outdoor balcony and floor-to-ceiling windows.” The professionals at Cushman & Wakefield Commercial Property Southwest Florida want to be your go-to team as you reconsider the workplace needs of your company and your employees. If you own a commercial property, this is the perfect time to sell, as there are qualified buyers ready to make a move into a facility that better suits their needs. Cushman & Wakefield Commercial Property Southwest Florida’s professionals combine their local commercial real estate knowledge and experience with a data-driven, evidence-based approach to create powerful insights and empower your decision making. When it’s time to sell, Cushman & Wakefield’s process is designed to get clients the best possible sales price in the shortest amount of time. The team at Cushman & Wakefield is equipped with the passion, knowledge, creativity, data and inventory to help businesses become better as we all adapt to our new reality. Cushman & Wakefield Commercial Property Southwest Florida wants to help you develop a plan that best fits your needs. Contact-us.