Lee County, Florida, is a surprising standout location due to its population growth, low unemployment, and job creation in the wake of the disaster wrought by the COVID-19 pandemic. Commercial real estate brokers in Fort Myers have had to work overtime to keep up the demand for commercial properties as more and more people come flooding into the area, seeking the beautiful weather and the healthy job market.
In recent years, Lee County commercial real estate and residential real estate have been flying off the shelves (so to speak) as more and more people are taking advantage of the buyer’s market and low interest rates. Why is commercial property for sale in Lee County, FL so popular, though? Let’s take a look at some of the facts:
Playing It By Numbers
Compared to the rest of Florida—and honestly, the rest of the nation—Lee County is holding strong above the rest. In 2022, the average home price in Lee County is approximately $410,000, sitting at an average of 49 days on the market before it is sold. The value of the average home has increased by about 47.7%, which is a huge jump.
Other than that, Lee County seems to be the place to be. There’s a huge need for commercial real estate in Cape Coral and Lehigh Acres as college students flock to these areas for affordable housing to attend one of the many different colleges in the area. Others are coming to the area simply for better career opportunities, as throughout the pandemic, the unemployment rate in Lee County has remained low.
Real estate purchases, considering both commercial property for sale in Lee County, FL and residential property, ranked fourth in the entire state–only behind Orlando, Palm Beach, and Miami. Cape Coral and Fort Myers, specifically, are experiencing the second largest single-family construction boom in the entire country. Incredible!
Why People May Be Relocating
Because of its diverse business industry, there are a plethora of reasons why people may be relocating to Lee County. Cape Coral, Fort Myers, and Lehigh Acres are all college towns, and there are plenty of opportunities for college students and graduates or families with younger children. With so many colleges to choose from so close to the area, they’re able to make their choice of university without straying too far from home.
Job growth is also huge in Lee County, and commercial real estate brokers in Fort Myers are taking note. Leisure and hospitality, professional and business services, and trade and transportation are constantly and consistently growing in the area, and people are moving to the area to take advantage of it. The low unemployment rate—just 2.2%—proves that.
There are many other reasons why people may be moving that don’t involve the job market. For one, the Lee County area has easy transportation access. I-75 goes right through the area, and there are five airports within easy driving distance, making travel easy. With that, there are major national attractions within a short driving distance: the theme parks at Orlando are a short three-hour drive away, and the Everglades National Park and the Babcock Wilderness preserve are both located in southwestern Florida.
Southwest Florida also boasts a tropical and beautiful climate, with temperate weather and a unique ecosystem. You’d be hard-pressed to find someone who didn’t enjoy being outside in mild, temperate weather, even in the middle of winter. It’s something that anyone can appreciate! And with Southwest Florida having more than 150 golf courses, you can make use of that beautiful weather all year long.
Surviving the Pandemic
Because of where it is located and its consistent population growth, Lee County managed to survive the worst effects of commercialism through the pandemic. While the hospitality industry and the travel industry were hit hard, most places in Lee County were able to continue operating with fairly consistent numbers throughout the COVID-19 pandemic. Some businesses do continue to remain closed, but they are few and far between compared to other areas of the country in the wake of so many closings.
Commercial real estate brokers in Fort Myers are also taking notice. Lee County is home to a lot of warehouses and the ability to expand those warehouses, and with the massive online shopping boom during the pandemic, there was a lot of additional work needed to keep up with the demand. Warehouse space and warehouse workers were more in demand than ever before, making commercial real estate in Cape Coral and Lee County commercial real estate in general valuable property.
Because of these factors, Lee County remained cushioned from a lot of the devastation that the pandemic brought upon the rest of the country.
Relocation, Relocation, Relocation
More than anything else, relocation is adding to the Lee County commercial growth boom. Small businesses and entrepreneurs alike are relocating from expensive larger cities like Chicago, Los Angeles, and New York to come down to southwest Florida. Honestly, why wouldn’t they? The weather is nicer, the tax breaks are better, and the cost of living is lower. It makes for a prime location for business operations.
While the lease and renting rates might still be high, it’s much cheaper than the larger cities and ultimately saves you money. Because Lee County is always expanding, too, there is potential to get bigger and better office spaces while not paying astronomical amounts of money to do so. These entrepreneurs are moving everything from their businesses to their families, adding to Lee County’s steady population growth.
Population growth for Lee County remains high. Surprisingly, Lee County’s population growth is one of the highest in the entire nation! Every month, thousands of new residents make their way to the area, lending to the need for new apartment buildings, new homes, and more. This doesn’t even account for the amount of housing needed for the consistent wave of college students coming to the area!
Because of this consistent population growth, now may be a good time to invest in things like apartment buildings, rental properties, and more. Commercial real estate brokers in Fort Myers may also be able to assist you with looking for good residential properties to invest in, and that’s never a bad idea!
Your Commercial Real Estate Brokers in Fort Myers
Alec Salameh and his team of commercial real estate brokers in Fort Myers at Coldwell Banker are always ready to help you in any of your real estate ventures. Whether you are looking for commercial property for sale in Lee County, FL, or just wanting to look for a new residential property to relocate to, then the talented team at Coldwell Banker can help. With Alec Salameh’s experience and expertise, he can help you find exactly what you’re looking for.
If you’re interested in speaking with Alec Salameh about your real estate needs, contact us today!