As numerous economic surveys continue to abound, one thing is clear, they all agree the economy is rebounding. Going forward, the commercial real estate market, in particular, is poised for significant improvement and overall growth within the next three years. According to the latest forecast from the Urban Land Institute (ULI), vacancy rates are expected to drop between 1-4% for office, retail, and industrial properties.
Paralleling the upturn within the commercial real estate industry, small businesses are looking to expand as well. According to a recent survey from the Florida Chamber of Commerce, almost 40% of small businesses are planning to hire more employees over the next six months. With lending to small and mid-size companies on the rise, especially within South Florida, businesses are primed for growth.
A clear testament to the local growth of both small business and commercial real estate can be reflected in the latest transactions of Whelchel Partners. Within the last three months WP completed the following:
- 2,000 SF Environmental Contractor
- 3,000 SF Farmer’s Market
- 3,000 SF Flex Office / Warehouse
- 3,200 SF Industrial Warehouse
- 3,500 SF Medical Office Space
- 3,600 SF Office Lease
- 1,200 SF Retail Salon