As published in Scotsman Guide's Commercial Edition, July 2007.
Tourism, job growth and economic strength are big contributors to the steadiness of Orlando, Fla.'s commercial real estate market.
The tourism industry continues to be strong with yearly increases in average daily hotel rates. And with a convention center that boasts the nation's second-largest exhibit space -- not to mention a new, 1,400-room Hilton going up next door -- Orlando is a top conference destination.
On the home front, it also has the nation's third-highest job growth -- with more than 44,000 jobs created in 2006, according to the Orlando Economic Development Commission.
Possibly fueling the growth is Orlando's fast-growing high-tech market, which is generating significant buzz among techies nationwide for its biotechnology, military-simulation training and alternative-fuel production and research.
And Orlando is starting to see results: The recent sale of a downtown office complex broke city records at $255 per square foot. Rents are also increasing in most property types.
With the Florida city's population expected to increase another 18 percent by 2015, more results could be on the way.
↑ Population: 213,223
Population in 2000: 185,951
Rank (U.S.): 87th largest
Metropolitan-area population: 1.9 million
Metropolitan-area rank: 29th largest
↓ Average commute: 23.5 minutes
Average commute in 2000: 25.5 minutes
U.S.: 25.1 minutes
↑ Median household income: $36,699
Median household income in 2000: $35,732
↑ Median age: 33.2 years
Median age in 2000: 32.9 years
U.S.: 36.4 years
↔ Unemployment: 2.9 percent
Unemployment in March 2006: 2.9 percent
U.S.: 4.4 percent
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