This week in Florida commercial real estate sees industry players considering revitalization beyond core markets. A number of deals in rising submarkets were also inked.
BY THE NUMBERS
Scattered sunshine in the near-term outlook. Statewide supply growth will contribute to a decline in annual hotel occupancy in Florida and a further moderation in the increases in ADR and RevPAR. Last year's performance was attributable to a mix of slowing economic growth, Zika and a hurricane, plus other high-profile events that suppressed travel to the state. Random events could arise again, but property owners will have opportunities to leverage a growing economy to strengthen property performance. Payrolls are still growing steadily, particularly in Orlando and Tampa, sustaining inbound business travel. (Source: Marcus & Millichap)
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