The U.S. population churned wildly during the pandemic, but 61,000 new residents flocked to Orlando in 2020 and led investors and real estate developers to bid high and wide in one of America’s top tourist towns, according to global real estate services provider JLL.
“2020 was the second-best year for in-migration over the past decade for our city,” said Whitaker Leonhardt,” a senior director of the JLL Capital Markets Team in Orlando. “The long-term success of our economy, combined with a very exciting outlook, has kept Orlando at the top of the list for many national retail investors.”
JLL’s recent sale of a 57,747-sq.-ft. Plaza Ecco neighborhood center just outside the downtown area for $30.5 million is an indicator of the value being placed on solid commercial property in the growing metro.
“This was what I would call a best-of-the-best retail center because of the infill, high barriers-to-entry, and its long-term lease with Publix and included outparcels,” said JLL’s senior managing director in Orlando Brad Peterson. “It is no surprise that it commanded an extraordinary level of interest and pricing from the investment community.”
Plaza Ecco, built between 2019 and 2021, is fully leased, with outparcel pads occupied by Starbucks, Twistee Treat, and PDQ that act as additional anchors. Other tenants include Club Pilates, Woof Gang Bakery, Pacific Dental, Jersey Mike’s Subs, Sports Clips, Mooyah Burgers, SoDo Nails.
JLL expects the dynamic influx of residents in Orlando to lift the metro’s population total to 3 million by 2025.