3 Massive Economic Drivers Fueling Orlando

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ORLANDO—Orlando is seeing corporate and consumer confidence rise. But what’s causing that spike? The answer is clear: Some of the same factors that are causing investors and developers to press into opportunities in Orlando.

  Bill Moss, senior managing director at CBRE Orlando talks about everything from Orlando’s commercial real estate future to what investors need to know about Orlando.

“Diversified job growth, higher consumer spending and record tourism are the big economic drivers,” Moss tells GlobeSt.com. “There’s also a new wave of Baby Boomers moving here after retirement and creating increased demand for shopping, dining and entertainment options.”

According to the Orlando Economic Development Commission (OEDC), the Orlando region added 44,000 jobs year-over-year with 2,100 jobs in May, driving the number of unemployed people down to 63,191. As unemployment falls, the group says Orlando is experiencing an increase in real-time labor demand as evidenced by new online job ads.

“In the last 12 months, the unemployment rate fell 0.7 percentage points,” the OEDC reports. “The pool of people available and looking for work shrunk by more than 8,800 or 12.3 percent. This decrease in supply coincides with increased labor market demand, measured in real time via online job postings.”

Moss says demand for commercial real estate space that caters to these needs is ready to rise steadily over the next decade and a half. On top of that, he says, demand for medical-related retail space will certainly increase too as more Baby Boomers move to Florida.

“Another important factor is the fast growth of the Millennial population in the urban core,” Moss says. “New projects such as Downtown Orlando’s 68-acre, $1 billion Creative Village are just the type of live, work and play environment that Millennials want.