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While many metropolitan areas have struggled through the pandemic, Orlando has seen quite the opposite. Florida saw the second highest growth in the country besides Texas, with the population growing by over 200,000 residents between July 1, 2020 and July 1, 2021. As a result, multifamily and industrial development in particular has picked up to meet the area’s new needs.
Metro Orlando added 2.44 residents for every 1 resident it lost in 2021, leading to its highest ever median home price, at $340,000.
The industrial sector is primed for major growth due to the population growth in the area. The Orlando market typically has absorption of 4M square feet and did 10M in 2021. The north side of metro Orlando in particular is set to be a major growth area for industrial development.
While COVID-19 brought fears that office space in Orlando would decline, there actually may be a shortage of space as in-person work ramps back up. Local office expert, Damien Madsen, predicts that Orlando will be out of office space by Q2 of 2022. This will surely fuel development over time, however, right now there is not much office construction.
Orlando ranked #14 nationally in total value of commercial and multifamily construction started in 2021, at $4.29 billion. This number is up nearly 40% from 2020 numbers, which is a good sign for things to come in the area.
Exciting Projects Transforming Orlando
Dallas-based firm, Dart Interests, has started work on their $1B Evermore Orlando Resort project. The project is slated to be delivered in 2023 and is centered around a crystal lagoon which makes it feel like a beach paradise.
Palm-Beach based Asolo Acquisitions & Development has unveiled plans to bring 348 apartments to south Orlando near the airport. The luxury development is on a site that has been targeted by developers in the area for a long time.
Blue Osceola Apartments LLC purchased a 16.5 acre site at Osceola Corporate Center where it plans to develop a 448 unit transit-oriented multifamily project. Projects like this one are making Osceola the 2nd-fastest growing counties in the state.
Bancorp, the owner of Orlando Fashion Square, one of the city’s largest shopping centers, has unveiled plans for a redevelopment of the space. This 3-phase plan calls for 3 large multifamily buildings, each containing between 400-450 units, commercial space and a new 120-key hotel. The project is still in very early stages, but if approved, it would be a huge transformation of one of the most recognizable shopping centers in the area.
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