When your population soars more than 18 percent, as the Orlando metro area’s population did between 2012 and 2020, you need to put more roofs over people’s heads.
The ever-growing interest in Orlando makes it the 14th-most impressive real estate performer in the nation, according to a report from StorageCafe. To identify the most active real estate markets in the last decade, the company looked at new construction in the single family, multifamily, self storage, office, retail and industrial sectors in the 50 largest metropolitan areas.
Here are some key takeaways regarding Orlando’s real estate scene from their report:
- In an effort to keep up with phenomenal demand, residential construction is booming. Building permits have been issued for roughly 132K single family homes (the 7th highest figure in the nation and a 142% increase) and over 83K multifamily units (a 174% increase) in the last 10 years.
- Not only did the pandemic not slow the market, but 2021 saw the highest numbers of permits issued for new single family homes in the entire decade – almost 18,000. In addition, almost 9,200 new apartments in 2020 and almost 13,000 in 2021, respectively, got the go ahead in Orlando.
- Orlando saw over 9.1M square feet of office space being built over the past decade, and new industrial construction surpassed 30.8M square feet, with signs pointing to even more strong growth.
- Self storage construction, which is also driven by moving, has itself witnessed an increase in demand that in turn has translated into heightened construction activity. More than 6.8M square feet of new self storage space entered the Orlando market over the last decade.
- Overall, three Florida cities made the top 20. This includes Miami at No. 9 and Tampa at No. 16.
You can find the full report together with what experts have to say about the sustained construction activity in the country’s top 50 biggest metros over the past decade, here.
