MIAMI—Orlando remains the top tourism destination in the U.S., attracting more than 69 million tourists to the area in 2016. That's according to a Visit Orlando report. With new additions like Walt Disney World's Pandora: The World of Avatar, Universal Orlando's Volcano Bay water park and more, Central Florida is gearing up with more restaurants and retail stores to keep up with booming tourism demand.
“Commercial real estate sales in Central Florida during the summer months is always an anomaly,” John Krzyminski, director of Cite Partners' Central Florida Retail Investment Team, tells GlobeSt.com. “During the summer, CRE sales nationwide are usually slower as many families take vacations while school is out. However, the summer is when Central Florida receives the most interest from a mix of international and domestic real estate investors. Currently, the areas with the most activity and retail growth within Central Florida are along I-Drive, West 192 and the Winter Park area.”
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Krzyminski reports International Drive is seeing a mix of both domestic and international real estate investor interest. After the completion of the Skyplex development, he says, International Drive's walkability—and entertainment—should increase exponentially, drawing strong pedestrian traffic to the surrounding area.
“Winter Park's real estate market is also experiencing a high volume of interest from out of state investors as prices rise,” Krzyminski says. “Investors from CRE hubs like New York are buying property in Winter Park Village because of the opportunity to sell investments at a higher price. The developments that surround established tourist attractions, like the Margaritaville resort on West 192, continue to boost tourism throughout Orlando. Developing areas near Orlando's theme parks not only gives tourists a variety of venues to explore when they are fatigued from spending days at a park, but also helps Central Florida CRE capitalize on its booming tourism even during summer months.”
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