{"id":69406,"date":"2021-03-11T10:16:03","date_gmt":"2021-03-11T15:16:03","guid":{"rendered":"https:\/\/blog.myewm.com\/?p=69406"},"modified":"2021-03-11T10:16:03","modified_gmt":"2021-03-11T15:16:03","slug":"69406","status":"publish","type":"post","link":"https:\/\/blog.myewm.com\/?p=69406","title":{"rendered":""},"content":{"rendered":"<div class=\"field field--name-field-news-image field--type-entity-reference field--label-hidden field--item\">\n<div>\n<div class=\"far-media-image\">\n<div class=\"field field--name-field-media-image field--type-image field--label-hidden field--item\"><img loading=\"lazy\" class=\"\" src=\"https:\/\/www.floridarealtors.org\/sites\/default\/files\/styles\/full_width_main_image\/public\/page\/image\/2020-02\/gettyimages-1094158768.jpg?h=38ee85f3&amp;itok=JEGiSSlv\" alt=\"Waterway with boats in Fort Myers, Florida\" width=\"764\" height=\"263\" \/><\/div>\n<div class=\"field field--name-field-credit field--type-string field--label-hidden field--item\">John Coletti, Image Bank, Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h1 class=\"field field--name-title field--type-string field--label-hidden field--item\">NAR Names Cape Coral\/Fort Myers a Top Commercial Market<\/h1>\n<div class=\"far-byline-name\">\n<div class=\"field field--name-field-byline field--type-string field--label-hidden field--item\">By Kerry Smith<\/div>\n<\/div>\n<div class=\"field field--name-field-summary field--type-text-long field--label-hidden field--item\">\n<p>An analysis of 52 U.S. commercial markets identified the top 10 based on market strength, and the SW Fla. community is \u201cholding up to the pandemic\u2019s negative impact.\u201d<\/p>\n<\/div>\n<div class=\"field field--name-field-body field--type-text-long field--label-hidden field--item\">\n<p>CHICAGO \u2013 The National Association of Realtors\u00ae (NAR) released its\u00a0<a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/research-reports\/commercial-real-estate-metro-market-reports\" target=\"_blank\" rel=\"noopener noreferrer\">analysis of 52 commercial real estate markets<\/a>\u00a0on Wednesday, and one Florida community \u2013 Cape Coral\/Fort Myers \u2013 made the top 10 list for 2021 for those with stronger economic and commercial market conditions when compared to national averages or indicators.<\/p>\n<p>For the comparison, NAR looked at the 52 markets where it has commercial market data. In identifying these markets, NAR says it considered 25 indicators based on the latest data as of 2020 Q4 about the area\u2019s economic, demographic, housing and commercial market conditions in the multifamily, office, industrial, retail, and hotel property sectors. Specifically, it considered:<\/p>\n<ul>\n<li>Economic: GDP growth, nonfarm employment, unemployment rate, weekly wages, median household income, consumer spending (credit card spending), number of business openings<\/li>\n<li>Demographic: population growth, net domestic migration<\/li>\n<li>Housing: homeownership rate, rental vacancy rate, building permits, ratio of jobs created to<\/li>\n<li>Housing permits, apartment rent<\/li>\n<li>Commercial Indicators by Property Type: net absorption, vacancy rate, asking rent, inventory, construction<\/li>\n<\/ul>\n<p>\u201cThe top commercial real estate markets that are expected to outperform the rest of the nation are generally affordable and able to draw new residents with a greater flexibility to work from home,\u201d says NAR Chief Economist Lawrence Yun. \u201cThese growing markets also offer much lower office and retail rents and are, therefore, able to attract new and expanding businesses.\u201d<\/p>\n<h3>Cape Coral-Fort Myers overview<\/h3>\n<p>In selecting the\u00a0<a href=\"https:\/\/cdn.nar.realtor\/sites\/default\/files\/documents\/2020-q4-commercial-real-estate-metro-market-reports-fl-cape-coral-fort-myers-03-02-2021.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Cape Coral area<\/a>, NAR says its \u201coffice and industrial markets are holding up to the pandemic\u2019s negative impact. It is one of two metro areas that experienced an increase in office occupancy as of 2020 Q4 along with Raleigh, North Carolina. The office vacancy rate was 5.7%, about a third of the national rate (15.5%).\u201d<\/p>\n<p>Cape Coral also offers favorable commercial costs and is \u201clikely to continue to attract new office tenants because \u2026 it has the lowest office rent, at $19.6\/sq. ft., which is 56% of the national average asking office rent ($35\/sq. ft.). It is also experiencing strong demand for industrial properties, relative to supply, with a vacancy rate of 3.4% that is below the national rate (5.2%).\u201d<\/p>\n<p>In addition, NAR says future construction is likely due to the area\u2019s low industrial vacancy rate. \u201cNonfarm payroll employment is down just 4%, even with the 20% decline in hotel and leisure employment.\u201d<\/p>\n<p>In addition to Cape Coral\/Fort Myers, the commercial reports also includes:<\/p>\n<ul>\n<li><a href=\"https:\/\/cdn.nar.realtor\/sites\/default\/files\/documents\/2020-q4-commercial-real-estate-metro-market-reports-fl-jacksonville-03-02-2021.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Jacksonville<\/a><\/li>\n<li><a href=\"https:\/\/cdn.nar.realtor\/sites\/default\/files\/documents\/2020-q4-commercial-real-estate-metro-market-reports-fl-miami-fort-lauderdale-west-palm-beach-03-02-2021.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Miami-Fort Lauderdale-West Palm Beach<\/a><\/li>\n<li><a href=\"https:\/\/cdn.nar.realtor\/sites\/default\/files\/documents\/2020-q4-commercial-real-estate-metro-market-reports-fl-orlando-kissimmee-sanford-03-02-2021.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Orlando-Kissimmee-Sanford<\/a><\/li>\n<li><a href=\"https:\/\/cdn.nar.realtor\/sites\/default\/files\/documents\/2020-q4-commercial-real-estate-metro-market-reports-fl-tampa-st-petersburg-clearwater-03-02-2021.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Tampa-St. Petersburg-Clearwater<\/a><\/li>\n<\/ul>\n<h3>NAR\u2019s top 10 commercial markets for 2021 in alphabetical order<\/h3>\n<ul>\n<li>Austin-Round Rock, Texas<\/li>\n<li>Cape Coral-Fort Myers, Florida<\/li>\n<li>Charleston-North Charleston, South Carolina<\/li>\n<li>Las Vegas-Henderson-Paradise, Nevada<\/li>\n<li>Nashville-Davidson-Murfreesboro-Franklin, Tennessee<\/li>\n<li>Phoenix-Mesa-Scottsdale, Arizona<\/li>\n<li>Raleigh, North Carolina<\/li>\n<li>Salt Lake City, Utah<\/li>\n<li>Seattle-Tacoma-Bellevue, Washington<\/li>\n<li>Tucson, Arizona<\/li>\n<\/ul>\n<p>\u00a9 2021 Florida Realtors\u00ae<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>John Coletti, Image Bank, Getty Images NAR Names Cape Coral\/Fort Myers a Top Commercial Market By Kerry Smith An analysis of 52 U.S. commercial markets identified the top 10 based on market strength, and the SW Fla. community is \u201cholding up to the pandemic\u2019s negative impact.\u201d CHICAGO \u2013 The National Association of Realtors\u00ae (NAR) released [&hellip;]<\/p>\n","protected":false},"author":1401,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"saved","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[9,31],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/69406"}],"collection":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/users\/1401"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=69406"}],"version-history":[{"count":1,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/69406\/revisions"}],"predecessor-version":[{"id":69407,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/69406\/revisions\/69407"}],"wp:attachment":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=69406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=69406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=69406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}