Central Florida's Commercial Real Estate Market Gears Up for Quick Rebound

ORLANDO-Undaunted by daily gloom and doom economic reports, Maitland, FL-based Realvest Partners Inc. plans to break ground in May on the first 100,000-sf phase of a 350,000-sf industrial park at the McLeod Business Center on 33rd Street near the John Young Parkway. The estimated hard construction cost of the project is $26 million.

The developer also plans to erect 15 single-user industrial buildings totaling 150,000 sf near Monroe Road in Sanford, FL, 25 miles north of Downtown Orlando. Three multifamily projects by other area developers, with an estimated aggregate construction value of $20 million, are either under way or also planning May and June construction starts.

“Central Florida commercial real estate investment and development is not receding,” Realvest president Michael Heidrich tells GlobeSt.com. “It’s growing slower than the previous 18 months but will likely grow faster than most areas of the country.”