LSI COMMERCIAL PULSE · Punta Gorda, FL 33982 40± Commercially Zoned Acres $975,000 4285 Placida Road ... Sale Price: NOTABLE TRANSACTIONS BROKERED BY LSI COMMERCIAL IN 2019 t Loop

LSI COMMERCIAL PULSE

6810 International Center Blvd. Fort Myers, FL 33912

www.LSIcompanies.com239.489.4066

A COMPREHENSIVE MARKET REPORT FOR THE COMMERCIAL INDUSTRY IN SOUTHWEST FLORIDA

PRESENTED BY NELSON TAYLOR, MSRE

3RD QUARTER 2019

LSI COMMERCIAL PULSEQ3 2019

11891 Amedicus LaneFort Myers, FL 3390740,400 Sq. Ft. Industrial Building$3,500,000

16720 & 16780 San Carlos BoulevardFort Myers, FL 339088.4± Commercially Zoned Acres$1,100,000

4001 Tamiami Trail EastNaples, FL, 341125.84± Commercially Zoned Acres$2,800,000

27350 Jones Loop RoadPunta Gorda, FL 3398240± Commercially Zoned Acres$975,000

4285 Placida RoadEnglewood, FL 3422423± Commercially Zoned Acres$500,000

13850 Treeline AvenueFort Myers, FL 3391328,607 Sq. Ft. Industrial Building$2,700,000

Location:

Size:Sale Price:

Location:

Size:Sale Price:

Location:

Size:Sale Price:

Location:

Size:Sale Price:

Location:

Size:Sale Price:

Location:

Size:Sale Price:

NOTABLE TRANSACTIONS BROKERED BY LSI COMMERCIAL IN 2019

Jetport Loop

Cinnamon Cove Blvd.

San

Carl

os B

lvd.

Jones Loop Rd.

Placida Rd.

Metro Pkwy.

Crys

tal D

r.Tre

eline Ave. S

.

Lakewood

Blv

d

www.LSIcompanies.com | [email protected] | 239.489.4066 © 2019 LSI Companies, Inc. All Rights Reserved. Duplication of this report is prohibited.

3

Table of Contents Executive Summary ....................................................................................................................... 4 Macro-Economic Outlook Gross Domestic Product ............................................................................................................................ 5

Southwest Florida Taxable Sales ........................................................................................................... 7 Consumer Price Index ............................................................................................................................... 8 LIBOR/10-Year Treasury .......................................................................................................................... 9 Southwest Florida Population .............................................................................................................. 10 Southwest Florida Housing Formation ............................................................................................ 11 Employment ................................................................................................................................................ 12 Largest Employers .................................................................................................................................... 15 Location Quotient ...................................................................................................................................... 16 CoStar Commercial Market Trends CoStar Office ................................................................................................................................................ 18 CoStar Retail ................................................................................................................................................ 21 CoStar Industrial ........................................................................................................................................ 24 Commercial Permit Activity Report Collier County ............................................................................................................................................. 27 Lee County Unincorporated .................................................................................................................. 28 Village of Estero ......................................................................................................................................... 29 Cape Coral ..................................................................................................................................................... 29 City of Fort Myers ...................................................................................................................................... 30 City of Bonita Springs .............................................................................................................................. 30 Charlotte County ........................................................................................................................................ 31 General Limiting Conditions ..................................................................................................... 32

http://www.landsolutions.net/

mailto:[email protected]


4

Executive Summary

This record expansion has not been evenly applied to all areas of the country, with some doing better than others. In Florida we are in the category of better, with Southwest Florida being one of the leading areas in all of Florida. Occupancy rates across all sectors in Southwest Florida are above 90% except for office space in Collier County at 89.9%. Construction activity is rather robust in the industrial sector, conversely, we have seen limited retail and office development overall. Most notably activity is strong in development of warehouse and self-storage along with car centric development, gas stations, car washes and auto-part stores. National publications continue to draw attention to the Southwest Florida area for its house building prospects, ranked 8th according to the 2020 Emerging Trends Report. As such, commercial development most notably always follows rooftops and will continue to look for key locations to take advantage of new growth regions in the three-county area. Notable development around Southwest Florida to watch for:

• Healthcare Network of SWFL Nichols Community Health Center – 50,000 SF facility in Golden Gate – Permit Value $15 Million

• Tribby Arts Center at Shell Point – 44,000 SF center dedicated to visual and performing arts – Permit Value $13 Million

• Sunseeker Resort – Construction Permit was issued in September – Permit Value $101 Million

Total Physical Asking Square Feet Occupancy Rent

Collier 9,475,425 89.9% $24.83Lee 20,684,548 91.5% $18.72

Charlotte 4,008,136 93.0% $18.24Collier 23,932,064 93.4% $23.08

Lee 47,448,949 93.3% $16.91Charlotte 10,725,063 95.0% $14.77

Collier 13,095,802 96.4% $11.57Lee 33,025,134 94.8% $8.21

Charlotte 4,663,979 98.3% $8.48

CoStar Analytics 3Q2019

Office Market

Retail Market

Industrial Market




5

Macro-Economic Outlook Gross Domestic Product Gross Domestic Product (GDP) is a measure of total economic output. Total GDP is comprised of consumption, business investment, government spending and net exports, with consumption accounting for approximately 70%. Nationally we are currently experiencing the longest running economic expansion in history that began in June of 2009. Since the beginning of the expansion both Florida and the U.S. have growth GDP by over 25% as of 2019Q1. However, since 2015Q1 Florida has expanded GDP by 14.0% compared to the U.S. with 9.5%. Florida comprises approximately 5.0% of the overall U.S. GDP, the fourth largest state economy in the country.

U.S. Gross Domestic Product for 3rd Quarter 2019 (advance estimate) is scheduled for release October 30th, 2019. 2nd Quarter State level data is to be released on November 7, 2019.

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

2017

Q4

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

U.S. & Florida Real GDP: Percent Change From Preceding QuarterChained 2012 Dollars, Seasonally Adjusted at Annual Rates

U.S. FloridaSource: Federal Reserve Bank of St. Louis




6

The Bureau of Economic Analysis estimates quarterly GDP by industry, which measures an industry’s contribution to the gross domestic product of the United States. It's also known as "value added by industry." An industry's value added is the market value it adds in production, or the difference between the price at which it sells its products and the cost of the inputs it purchases from other industries. Value added for all U.S. industries combined is equal to the nation's GDP. GDP by industry data also include compensation of employees, gross operating surplus, and taxes. The following is the measure of contribution from private industries to 2019Q1 GDP. Industries are classified by the North American Industry Classification System.

2nd Quarter Gross Domestic Product by Industry is scheduled for release on October 29, 2019.

Real GDP Contribution in 2019Q1 by Industry U.S. Florida Private industries 100.0% 100.0% Agriculture, forestry, fishing and hunting 1.3% 0.9% Mining, quarrying, and oil and gas extraction 3.0% 0.2% Utilities 1.7% 1.8% Construction 3.9% 5.1% Manufacturing 13.2% 6.1% Wholesale trade 7.1% 8.3% Retail trade 6.9% 9.0% Transportation and warehousing 3.3% 3.5% Information 7.6% 6.1% Finance and insurance 6.9% 5.8% Real estate and rental and leasing 14.4% 17.9% Professional, scientific, and technical services 8.9% 8.6% Management of companies and enterprises 2.4% 2.0% Administrative and support and waste management and remediation services 3.5% 4.7% Educational services 1.3% 1.1% Health care and social assistance 8.6% 10.0% Arts, entertainment, and recreation 1.2% 1.8% Accommodation and food services 3.1% 4.6% Other services (except government and government enterprises) 2.2% 2.7%Real Gross Domestic Product, Billions of Chained 2012 Dollars, Quarterly, Seasonally Adjusted Annual RateSource: Bureau of Economic Analysis




7

Southwest Florida Taxable Sales Data Taxable sales data for various Metropolitan Statistical Areas (MSA's) are popularly used as one indicator of regional economic activity. These data come to the state on sales tax returns filed monthly by retail establishments with the Florida Department of Revenue. The following categories comprise taxable sales.

Tourism & Recreation- hotels and motels, bar and restaurant sales, liquor stores, photo and art stores, gift shops, admissions, sporting goods, rentals, and jewelry stores. Consumer Nondurables- food & convenience stores, department & clothing stores, drug stores etc. Autos & Accessories- the sale of new and used cars, repair shops, auto supply stores, and taxable sales at gasoline stations. Business Investment- farm equipment, feed and seed suppliers, store and office equipment, computer shops, machine shops, industrial machinery, hotel and restaurant suppliers, transportation equipment etc. Consumer Durables- the sale of appliances, furniture, home electronics, aircraft, boat dealers, hardware and decorating stores. Building Investment- includes sales by building contractors, heating and air conditioning contractors etc.

Of the 22 MSA’s in Florida, Collier County and Lee County ranked second and fourth in highest year over year growth from year end 2017 to 2018 with increases of 7.0% and 6.8% respectively. Through the first four months of 2019, SWFL taxable sales are up 1.7% over the same time period in 2018.

0

2,500

5,000

7,500

10,000

12,500

15,000

17,500

20,000

22,500

25,000

27,500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

SWFL Taxable Sales Data in Millions

Tourism & Recreation Consumer Non-Durable Auto Sales & Accessories

Business Investment Consumer Durables Building Investment




8

Consumer Price Index The consumer price index (CPI) is a measure of the average change over time in the prices paid by consumers for a market basket of consumer goods and services. An increase in the CPI indicates that the cost of goods is increasing and thereby the purchasing power of the dollar is weakened. Between 2010 and 2019, the average annual increase was 1.8%. CPI is expected to rise above 2% for the next few years. This is likely due to the increase cost in medical care and housing prices as well as historically low energy prices rise. CPI is up over 2.2% from December 2018 to September 2019 and up 1.7% from September 2018 to September 2019.

2.8%

1.6%

2.3%

2.7%

3.4%3.2%

2.8%

3.8%

-0.4%

1.6%

3.2%

2.1%

1.5%1.6%

0.1%

1.3%

2.1%

2.4% 2.2%

-0.50%-0.25%0.00%0.25%0.50%0.75%1.00%1.25%1.50%1.75%2.00%2.25%2.50%2.75%3.00%3.25%3.50%3.75%4.00%4.25%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

U.S. Consumer Price Index - (CPI-U)

10-Year Average - 1.8%

Source: Bureau of Labor Statistics




9

London Interbank Offer Rate / 10-year Treasury The London Interbank Offered Rate (LIBOR) 3-month interest rate is what is often charged for short term loans between banks and is used as the benchmark for construction loans. It has dropped from a high of over 5.0% in 2007 to a low of under 0.5% in 2014 with a ten-year average of 0.88%. Forecasts going forward expect the rate to maintain between 2.0 and 2.5% This indicates that borrowing money is going to become more expensive. The 10-year treasury yield rate has correlated similarly to the LIBOR rate with highs in 2006/2007 and a low in 2012 with a 10-year average 2.44%. The latest rate cut has pushed the treasury to below 2.0%. The ten-year treasury is often the benchmark for long term debt instruments and directly affects yields on leveraged projects. Cap rates tend to rise and fall with the change in the 10-year treasury.

6.54%

3.78%

1.80%

1.21%1.62%

3.57%

5.20% 5.30%

2.93%

0.69%0.34% 0.34% 0.43% 0.27% 0.23% 0.32%

0.74%

1.26%

2.30%2.58%

6.03%

5.02%4.61%

4.01%4.27% 4.29%

4.80% 4.63%

3.66%3.26% 3.22%

2.78%

1.80%

2.35%2.54%

2.14%1.84%

2.33%

2.91%

2.45%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

6.00%

6.50%

7.00%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Average Annual Interest Rates3-Month LIBOR & 10-Year Treasury

3 Month LIBOR 10 Year TreasurySource: Macrotrends.net




10

Southwest Florida Population Southwest Florida continues to be one of the fastest growing areas in the nation. Growth is attributed to in-migration mostly from Northeastern and Midwestern states. However, foreign migration and intrastate migration are also significant factors for growth. U.S. Census Population Estimates, released on April 19, 2019, showing the recent growth can be seen in the graph below. The data highlights population estimates as of July 1st each year through 2018. It shows Southwest Florida continuing to experience significant gains in population with a 1.91% gain (or 24,708 people) in 2018 over 2017 for Collier, Lee, and Charlotte Counties combined. This is three times the national population growth rate (0.62%) and 24% higher than Florida’s population growth rate (1.54%) over the same period. The population trends for all three counties can be seen below.

2019 U.S. Census Population Estimates at the county level are scheduled to be released in mid-2020.

254,080

275,490296,021

312,621

316,641

322,595

332,277

339,065

347,326

356,107

365,345

372,345

378,488

443,903

478,889

522,431555,029

582,678

610,984

620,454

644,243

659,920

677,361

699,530

722,386

739,506

754,610

142,229 150,123 157,755 157,099 160,467 159,867 162,749 168,075177,722

181,537184,998

125,000

175,000

225,000

275,000

325,000

375,000

425,000

475,000

525,000

575,000

625,000

675,000

725,000

775,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Collier, Lee & Charlotte Populations

Collier Lee CharlotteSource: US Census




11

Southwest Florida Housing Formation There were a total of 15,679 permits issued for new residential housing units in Collier, Lee, and Charlotte Counties combined over the past 12 months, ending on September 30 2019. This was a 5.8% decrease from the previous 12-month period, which saw 16,593 new residential housing units permitted. When we look at only permits issued for new single-family detached homes (3,988), our market saw a 7.0%. Looking forward, we project to see between 13,500 – 14,500 new residential units permitted over the next 12 months. The combined monthly trend can be seen in the following chart.




12

Employment The graphs in this following section depict historical and current employment conditions at the county, state, and national levels. Note the strong seasonality in Collier County’s unemployment rate. As of September 2019, Collier’s unemployment rate fell to 3.2%, from 3.8% a month earlier and down from 3.3% in September 2018.

3.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

14.0%

115,000

120,000

125,000

130,000

135,000

140,000

145,000

150,000

155,000

160,000

165,000

170,000

175,000

180,000

185,000

Sep-

01M

ar-0

2Se

p-02

Mar

-03

Sep-

03M

ar-0

4Se

p-04

Mar

-05

Sep-

05M

ar-0

6Se

p-06

Mar

-07

Sep-

07M

ar-0

8Se

p-08

Mar

-09

Sep-

09M

ar-1

0Se

p-10

Mar

-11

Sep-

11M

ar-1

2Se

p-12

Mar

-13

Sep-

13M

ar-1

4Se

p-14

Mar

-15

Sep-

15M

ar-1

6Se

p-16

Mar

-17

Sep-

17M

ar-1

8Se

p-18

Mar

-19

Sep-

19

Collier County Unemployment

Unemployed Employed Unemployment RateSource: US Bureau of Labor Statistics




13

As of September 2019, Lee County was experiencing an unemployment rate of 2.9%, which was down from 3.5% a month earlier and equal to the 2.9% in September 2018. Lee County has less seasonal irregularity than Collier County and may be more relevant to the overall job market in Southwest Florida, which also affects the primary housing demand in the area. It is important to note that recent employment figures for Lee County show more people employed in the county than any time in its history.

2.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

14.0%

220,000

230,000

240,000

250,000

260,000

270,000

280,000

290,000

300,000

310,000

320,000

330,000

340,000

350,000

360,000

Sep-

01M

ar-0

2Se

p-02

Mar

-03

Sep-

03M

ar-0

4Se

p-04

Mar

-05

Sep-

05M

ar-0

6Se

p-06

Mar

-07

Sep-

07M

ar-0

8Se

p-08

Mar

-09

Sep-

09M

ar-1

0Se

p-10

Mar

-11

Sep-

11M

ar-1

2Se

p-12

Mar

-13

Sep-

13M

ar-1

4Se

p-14

Mar

-15

Sep-

15M

ar-1

6Se

p-16

Mar

-17

Sep-

17M

ar-1

8Se

p-18

Mar

-19

Sep-

19

Lee County Unemployment





14

As of September 2019, Charlotte County was experiencing an unemployment rate of 3.5%, which is down from 4.1% a month earlier and equal to the 3.5% in September 2018.

3.5%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

14.0%

50,000

52,000

54,000

56,000

58,000

60,000

62,000

64,000

66,000

68,000

70,000

72,000

74,000

Sep-

01M

ar-0

2Se

p-02

Mar

-03

Sep-

03M

ar-0

4Se

p-04

Mar

-05

Sep-

05M

ar-0

6Se

p-06

Mar

-07

Sep-

07M

ar-0

8Se

p-08

Mar

-09

Sep-

09M

ar-1

0Se

p-10

Mar

-11

Sep-

11M

ar-1

2Se

p-12

Mar

-13

Sep-

13M

ar-1

4Se

p-14

Mar

-15

Sep-

15M

ar-1

6Se

p-16

Mar

-17

Sep-

17M

ar-1

8Se

p-18

Mar

-19

Sep-

19

Charlotte County Unemployment





15

Largest Employers in Southwest Florida

The Southwest Florida economy is heavily tied to the residential construction and service industries. There have been noticeable improvements in those industries over the past few years that have done a great deal to increase job growth in Southwest Florida.

Rank Company Name 2019 Employment Rank Company Name 2019

Employment1 Lee Health** 13,595 51 John R Wood Properties 6002 Lee County School District 12,936 52 Wendy’s 5893 Lee County Local Government* 9,038 53 Beall’s 5884 Publix Super Market 8,728 54 Dillard’s 5755 NCH Healthcare System** 7,017 53 Culver’s 5606 Walmart 6,516 56 Hyatt Regency-Coconut Point 5607 Collier County School District 5,604 57 Germain Cars 5548 Collier County Local Government* 5,119 58 Carrabba’s Italian Grill 5509 Florida Gulf Coast University 3,430 59 Raymond Building Supply 534

10 Bayfront Health 3,060 60 Florida Cancer Specialists 52011 Charlotte County School District 2,553 61 Cracker Barrel Old Country Str 50512 Arthrex, Inc.** 2,500 62 Gulf Bay Group Of Companies 50013 Charlotte County Local Government* 2,464 63 Agmart Produce Inc 50014 McDonald’s 2,447 64 South Seas Sanibel & Captiva 50015 City of Cape Coral 2,253 65 Chili’s Grill & Bar 49416 US Sugar 2,100 66 Farm-Op Inc. 48017 Home Depot 2,040 67 Best Buy 47018 Winn-Dixie 1,994 68 Taco Bell 46419 Hope Hospice 1,768 69 Bonita Bay Club 45020 Ritz Carlton-Naples 1,450 70 Quick Lane 45021 Florida SouthWestern State 1,441 71 UPS 43522 Gartner, Inc.** 1,200 72 Progressive Waste Solutions 42123 Walgreens 1,191 73 Palm Automall 41524 City of Naples 1,169 74 Pizza Hut 40825 Target 1,150 75 Gettel Automotive 40626 Chico’s Fas Inc.** 1,147 76 Galloway Family Of Dealerships 40027 Lowe’s Home Improvement 1,135 77 Salus Care 40028 Hertz** 1,110 78 LYNX Services LLC 40029 Shell Point Retirement Community 1,100 79 Harbour Health Center 40030 Radiology Regional Center 1,031 80 Century 21 39931 City of Fort Myers 988 81 West Bay Club 39032 Physicians Regional 950 82 Lee County Electric Cooperative 38633 Hendry County School District 923 83 Chick-Fil-A 38634 News-Press/Naples Daily News** 840 84 Applebee’s 38435 Seminole Casino 800 85 Kohl’s 38136 J W Marriott-Marco Island 770 86 Coldwell Banker 38137 Naples Grande Beach Resort 750 87 City of Punta Gorda 37938 Perkins Restaurant & Bakery 732 88 Nordstrom 37839 Sam’s Club 725 89 Sun Stream Hotels & Resorts 35040 Olive Garden Italian Kitchen 715 90 G4s Secure Solutions USA 35041 Hendry County Local Government* 699 91 J & J Ag Products Inc 35042 Downing Frye Realty 697 92 D & K Harvesting Inc 35043 WCI Communities Inc 689 93 Naples Beach Hotel 35044 Burger King 682 94 Pinchers 34345 Marriott-Sanibel Harbour Resort 650 95 Gasparilla Inn & Club 32646 RE/MAX Realty 635 96 Suntrust Bank 32547 Outback Steakhouse 633 97 Red Lobster 32548 Vi at Bentley Village 615 98 Naples Lakes Country Club 32049 JC Penney 610 99 Texas Roadhouse 31950 Costco Wholesale 600 100 Berkshire Hathaway Home Services 312

Source: SWFL Economic Development Al l iance

Data compi led and edi ted by the Regional Economic Research Insti tute. Al l data i s current as of 2019, unless noted otherwise.

* Data as recent as 2018 Q3.

** Data as recent as of 2017.




16

Location Quotient Location quotient (LQ) is essentially a way of quantifying how concentrated a particular industry, cluster, occupation, or demographic group is in a region as compared to the nation. It can reveal what makes a particular region “unique” in comparison to the national average. The following graphs depict how concentrated occupations are based on the North American Industry Classification System (NAICS) on the local county level vs that of the overall State of Florida. LQ for occupations are calculated by dividing the regional concentration of an occupation by the state or national concentration of that same occupation. So, suppose that Registered Nurses in a region account for 0.10% of all jobs, while in the nation they account for 0.09% of all jobs. The LQ of nurses in the region is thus (.1 / .09 = 1.11). This means that the region has a higher than average concentration of nurses. Anything higher than 1.2 is determined to be an economic base industry. The larger circle indicates the relative size of the industry in comparison to other sectors. High-LQ occupations are important because they are generally employed by high-LQ industries, which tend to be export-oriented and form the majority of the region’s economic base. High-LQ occupations thus provide a workforce-oriented perspective of the region’s economic base. Such occupations are vital for the continued prosperity of the region.

Mining

Uti l ities

Construction

Manufacturing

Wholesale Trade

Reta il Trade

Transportation & Warehousing

Information

Finance and insurance

Real estate and rental and leasing

Professional and technical services

Administrative and waste services

Educational services

Health care and social assistance

Arts , entertainment, and recreation

Accommodation and food services

Other services, except public administration

Unclassified

Publ ic administration

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

$2,400

$2,600

$2,800

0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 1.80 1.90 2.00Employment Concentration Relative to Florida

2018 Collier County Employment Concentration & Weekly Wage




17

Agricul ture

Mining

Uti l ities

Construction

Manufacturing

Wholesale Trade

Reta il TradeTransportation &

Warehousing

Information

Finance and insurance



Management of companies and enterprises







Unclassified


$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

$1,900

0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 1.80 1.90 2.00 2.10Employment Concentration Relative to Florida

2018 Lee County Employment Concentration & Weekly Wage

Source: Bureau of Labor Statistics

Agricul ture

Utilities Construction

Manufacturing

Wholesale Trade

Reta il Trade

Transportation & Warehousing

InformationFinance and insurance



Management of companies and enterprises







Unclassified


$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 1.80Employment Concentration Relative to Florida

2018 Charlotte County Employment Concentration & Weekly Wage




18

Commercial Market CoStar Trends Utilizing CoStar Commercial Market Analytics, the following charts provide insight into each county of Southwest Florida regarding the office, retail and industrial markets.

$17.00

$18.00

$19.00

$20.00

$21.00

$22.00

$23.00

$24.00

$25.00

$26.00

$27.00

7,000,000

7,250,000

7,500,000

7,750,000

8,000,000

8,250,000

8,500,000

8,750,000

9,000,000

9,250,000

9,500,000

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Collier County Office Space

Occupied SF Total SF Rent PSF

Source: CoStar Analytics

6.5%

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%

$25.00

$75.00

$125.00

$175.00

$225.00

$275.00

$325.00

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Collier County Office Median Sale Price Per SF & Cap Rate Trends

Median Price/Bldg SF Cap RateSource: CoStar Analytics




19

$14.00

$15.00

$16.00

$17.00

$18.00

$19.00

$20.00

$21.00

$22.00

$23.00

$24.00

$25.00

15,500,000

16,000,000

16,500,000

17,000,000

17,500,000

18,000,000

18,500,000

19,000,000

19,500,000

20,000,000

20,500,000

21,000,000

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Lee County Office SpaceOccupied SF Total SF Rent PSF


6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%

10.0%

10.5%

11.0%

$25.00

$50.00

$75.00

$100.00

$125.00

$150.00

$175.00

$200.00

$225.00

$250.00

$275.00

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Lee County Office Median Sale Price Per SF & Cap Rate Trends





20

$13.50

$14.00

$14.50

$15.00

$15.50

$16.00

$16.50

$17.00

$17.50

$18.00

$18.50

3,000,000

3,100,000

3,200,000

3,300,000

3,400,000

3,500,000

3,600,000

3,700,000

3,800,000

3,900,000

4,000,000

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Charlotte County Office SpaceOccupied SF Total SF Rent PSF


6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%

10.0%

10.5%

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

$160.00

$180.00

$200.00

$220.00

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Charlotte County Office Median Sale Price Per SF & Cap Rate Trends





21

$17.50

$18.00

$18.50

$19.00

$19.50

$20.00

$20.50

$21.00

$21.50

$22.00

$22.50

$23.00

$23.50

18,000,000

18,500,000

19,000,000

19,500,000

20,000,000

20,500,000

21,000,000

21,500,000

22,000,000

22,500,000

23,000,000

23,500,000

24,000,000

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Collier County Retail SpaceOccupied SF Total SF Rent PSF


5.50%

5.75%

6.00%

6.25%

6.50%

6.75%

7.00%

7.25%

7.50%

7.75%

8.00%

$100.00

$150.00

$200.00

$250.00

$300.00

$350.00

$400.00

$450.00

$500.00

$550.00

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Collier County Retail Median Sale Price Per SF & Cap Rate Trends





22

$14.00

$14.25

$14.50

$14.75

$15.00

$15.25

$15.50

$15.75

$16.00

$16.25

$16.50

$16.75

$17.00

$17.25

35,000,000

36,000,000

37,000,000

38,000,000

39,000,000

40,000,000

41,000,000

42,000,000

43,000,000

44,000,000

45,000,000

46,000,000

47,000,000

48,000,000

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Lee County Retail SpaceOccupied SF Total SF Rent PSF


6.50%

6.75%

7.00%

7.25%

7.50%

7.75%

8.00%

8.25%

8.50%

8.75%

$50.00

$100.00

$150.00

$200.00

$250.00

$300.00

$350.00

$400.00

$450.00

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Lee County Retail Median Sale Price Per SF & Cap Rate Trends





23

$13.00

$13.25

$13.50

$13.75

$14.00

$14.25

$14.50

$14.75

$15.00

$15.25

$15.50

8,750,000

8,950,000

9,150,000

9,350,000

9,550,000

9,750,000

9,950,000

10,150,000

10,350,000

10,550,000

10,750,000

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Charlotte County Retail SpaceOccupied SF Total SF Rent PSF


6.00%

6.50%

7.00%

7.50%

8.00%

8.50%

9.00%

9.50%

$0.00

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

$700.00

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Charlotte County Retail Median Sale Price Per SF & Cap Rate Trends





24

$8.50

$8.75

$9.00

$9.25

$9.50

$9.75

$10.00

$10.25

$10.50

$10.75

$11.00

$11.25

$11.50

$11.75

10,800,000

11,000,000

11,200,000

11,400,000

11,600,000

11,800,000

12,000,000

12,200,000

12,400,000

12,600,000

12,800,000

13,000,000

13,200,000

13,400,000

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Collier County Industrial Space

Occupied SF Total SF Rent PSF


7.00%

7.50%

8.00%

8.50%

9.00%

9.50%

$25.00

$75.00

$125.00

$175.00

$225.00

$275.00

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Collier County Industrial Median Sale Price Per SF & Cap Rate Trends





25

$6.00

$6.25

$6.50

$6.75

$7.00

$7.25

$7.50

$7.75

$8.00

$8.25

24,000,000

25,000,000

26,000,000

27,000,000

28,000,000

29,000,000

30,000,000

31,000,000

32,000,000

33,000,000

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Lee County Industrial SpaceOccupied SF Total SF Rent PSF


7.00%

7.25%

7.50%

7.75%

8.00%

8.25%

8.50%

8.75%

9.00%

9.25%

9.50%

9.75%

10.00%

$30.00

$40.00

$50.00

$60.00

$70.00

$80.00

$90.00

$100.00

$110.00

$120.00

$130.00

$140.00

$150.00

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Lee County Industrial Median Sale Price Per SF & Cap Rate Trends





26

$6.00

$6.50

$7.00

$7.50

$8.00

$8.50

$9.00

3,500,000

3,700,000

3,900,000

4,100,000

4,300,000

4,500,000

4,700,000

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Charlotte County Industrial SpaceOccupied SF Total SF Rent PSF


8.00%

8.25%

8.50%

8.75%

9.00%

9.25%

9.50%

9.75%

10.00%

10.25%

10.50%

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

$80.00

$90.00

$100.00

$110.00

$120.00

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

Sep-

18

Mar

-19

Sep-

19

Charlotte County Industrial Median Sale Price Per SF & Cap Rate Trends





27

Commercial Permit Activity Report Trailing 12 Months

Collier County

Date Sector Building Type Project Name Permit Value Building Area (Sq. Ft.) Site AddressAug-19 Healthcare Freestanding Single Story EMS within Hacienda Lakes $2,100,000 5,061 3675 The Lords WayDec-18 Industrial Flex Metal Warehouse - Front Area Office $245,000 6,250 3884 Prospect AvenueJan-19 Industrial Flex Electrical Whole Sale Facility $1,500,000 19,013 3784 Exchange AveFeb-19 Industrial Flex 6-Unit Flex Building $750,000 18,538 3558 Plover AvenueMay-19 Industrial Flex Warehouse Facility for Shepard and Sons Business Operation $683,000 11,175 3863 Prospect AvenueJun-19 Industrial Flex Collier County Production Park Office/Warehouse $400,000 3,060 534 Production BoulevardJun-19 Lodging/Resort Hotel 3-Story 99 Unit Hotel (Home 2 Suites Naples) $10,000,000 56,827 3685 Kramer DriveOct-18 Office Medical Naples Zoo Vet Hospital $4,000,000 9,144 1590 Goodlette Frank Road N.Oct-18 Office Medical Proscan Medical Center - 2-Story Shell Building $1,650,000 17,566 8340 Sierra Meadows BoulevardFeb-19 Office Medical Arthrex Fitness Building/Wellness Center $1,159,714 44,653 1280 Creekside StreetApr-19 Office Medical Healthcare Network of SW Florida $15,000,000 52,115 12655 Collier BoulevardOct-18 Residential Residential Amenity Fronterra Amenity Center $95,000 1,236 8717 Madrid CircleNov-18 Residential Residential Amenity Sobel - Vanderbilit Reserve Clubhouse $425,000 5,301 7445 Rockfeller DriveMar-19 Residential Residential Amenity Quail Creek Country Club - Sport Building $5,000,000 19,782 13296 Valewood DriveMar-19 Residential Residential Amenity Moorings Park at Grande Lake Gatehouse $334,232 2,361 7310 Premier DriveMay-19 Residential Residential Amenity Del Webb Oasis Clubhouse $1,500,000 14,835 6008 Del Webb WayJul-19 Residential Residential Amenity Wellness Center Royal Wood Country Club $1,700,000 9,700 4304 Royal Wood Boulevard

Aug-19 Residential Residential Amenity Briarwood Apartments Clubhouse $2,820,000 8,743 10200 Sweetgrass CircleAug-19 Residential Residential Amenity Caribbean Park Amenity Center $2,000,000 7,180 1 Sunrise Boulevard Oct-18 Retail Carwash Fully Automatic Car-Wash $650,000 3,854 9020 Sage AvenueOct-18 Retail Carwash Dolphin Auto Car-Wash $300,000 1,575 6240 Collier BoulevardMay-19 Retail Carwash Fully Automatic Car-Wash $1,000,000 3,737 5080 Tamiami Trail EApr-19 Retail C-Store WaWa Gas Station $888,000 6,179 12456 Tamiami Trail EMay-19 Retail C-Store RaceTrac Gas Station - 16 Pumps $900,000 6,081 2891 Tamiami Trail ESep-19 Retail C-Store WaWa Gas Station - Naples South Plaza $915,400 6,436 4939 Tamiami Trail EFeb-19 Retail Freestanding Vanderbilt Commons Building 16 Units $3,300,000 36,213 7273 Vanderbilt Beach RoadJun-19 Retail Freestanding Creative World School $1,700,000 10,456 2260 Olympia Park BoulevardOct-18 Retail Grocer Aldi Grocery Store $1,200,000 19,859 13080 Tamiami Trail EDec-18 Retail QSR Popeyes Restaurant $350,000 2,537 1189 Collier BoulevardAug-19 Retail Restaurant Audubon Country Club Courtside Café $3,000,000 15,781 625 Audubon BoulevardJun-19 Self Storage Car Storage Naples Motor Condos Buildings 4, 5 & 6 $2,361,000 26,792 12981 Livingston RoadDec-18 Self Storage Self Storage 2-Story Climate Controlled Self Storage $2,225,000 45,325 5725 Collier BoulevardJun-19 Self Storage Self Storage Carls White Glove Personal Storage 3-Story Facility $5,000,000 90,972 11211 Tamiami Trail ESep-19 Self Storage Self Storage Single-Story Self Storage Building 1 & 2 $1,800,000 32,820 14970 Old 41Sep-19 Self Storage Self Storage Single Story Self Storage - Ave Maria $960,326 35,822 5324 Useppa DriveNov-18 Specialty Church Administration Building - St. Peter Apostle Catcholic Church $1,300,000 5,198 5130 Rattlesnake Hammock RoadMar-19 Specialty Church Summit Church Commercial Building $1,212,708 15,062 15220 Tamiami Trail NJun-19 Specialty Church Immokalee FLA Jehovas Witnesses $400,000 3,389 1508 5th Ave, ImmokaleeJan-19 Specialty Freestanding Ave Maria Law - Sports Comlex $1,500,000 21,845 1025 Commons CircleMar-19 Specialty Freestanding Animal Kennel/Pet Resort $1,000,000 9,000 3840 Bush BoulevardAug-19 Specialty Parking Garage Ritz Carlton 3 Level Parking Garage (232 Stalls) $5,133,998 74,711 280 Vanderbilt Beach Road

Collier County Commercial Permit Report

Source: LSI




28

Lee County Unincorporated

Date Sector Building Type Project Name Permit Value Building Area (Sq. Ft.) Site AddressJul-19 Industrial Distribution Premier Airport Park Warehosue 2B $3,900,000 106,836 16240 Airport ParkOct-18 Industrial Flex Diamond Development Flex Building $1,176,000 10,500 7941 Drew CircleNov-18 Industrial Flex Multi-Tenant Flex Building $750,000 10,500 5576 Lee StreetNov-18 Industrial Flex Gulfcoast Industrial Campus $2,697,600 44,960 16130 Lee RoadNov-18 Industrial Flex Two Men & a Truck Office/Warehouse $929,013 7,089 17050 Cam CourtApr-19 Industrial Flex RT Moore Office Warehouse $1,000,000 25,200 14650 Jetport LoopApr-19 Industrial Flex Alico Road Business Park $200,000 15,400 16111 Lee Road May-19 Industrial Flex Alico Industrial Estates Building 5 & 6 $600,000 15,146 16160 Lee RoadMay-19 Industrial Flex Florida Windown & Door Warehouse $120,000 13,500 5691 Halifax AvenueJun-19 Industrial Flex Gulfcoast Industrial Campus $2,746,240 44,800 16140 Lee RoadJun-19 Industrial Flex Light Industrial Building $1,750,000 25,920 2351 Crystal DriveJun-19 Industrial Flex Metal Building W/ Office & Warehouse $875,000 30,000 7101 Alico RoadJul-19 Industrial Flex Quality Cabinets Gray Shell Building $1,200,000 19,800 7869 Drew CircleOct-18 Industrial Hangar Page Field - Multiuse Hangar & Ramp $2,500,000 26,146 4682 Terminal DriveJul-19 Industrial Hangar Wings on Danley Hangar $500,000 451 Danley DriveDec-18 Industrial Warehouse ABC Supply Metal Warehouse $555,249 6,274 17195 Jean StreetFeb-19 Industrial Warehouse Eastern Metal Supply Phase 2 $5,000,000 88,096 16341 Domestic AvenueAug-19 Industrial Warehouse Metal Warehouse Building $550,000 16,093 6201 Topaz CourtApr-19 Lodging/Resort Hotel Holiday Inn Express - 101 rooms $10,000,000 62,495 14567 Global ParkwayJul-19 Lodging/Resort Hotel Holiday Inn Express - 80 rooms $7,393,317 47,521 11171 Summerlin Square DriveOct-18 Office Medical Dentist Office $500,000 3,033 12630 New Brittany BoulevardAug-19 Office Medical Heartland Dental Summerlin Ridge $719,080 4,216 16159 Myriad LaneJul-19 Office Office Seagate Office Building $2,000,000 12,966 9921 Interstate Commerce ParkFeb-19 Residential Residential Amenity Portico Casual Center $678,640 8,483 14070 Portico BoulevardFeb-19 Residential Residential Amenity Wildblue Guardhouse $130,000 1,200 17001 Wildblue BoulevardMar-19 Residential Residential Amenity Heron Glen Fitness Center $685,688 6,056 3201 Herons Glen Boulevard, North Fort MyersAug-19 Residential Residential Amenity Club at Gateway Dining & Fitness Addition $3,659,000 26,960 12091 Gateway GreensApr-19 Retail Autoparts Rick Johnson Auto & Tire $500,000 5,717 3502 Lee Boulevard, Lehigh Acres Jan-19 Retail Car Dealership Honda of Fort Myers Car Dealership $13,525,120 120,760 3550 Colonial BoulevardJan-19 Retail Carwash Tommy's Express Carwash $1,500,000 5,555 10951 Saxum DriveFeb-19 Retail Carwash Honda of Fort Myers Car Wash $287,393 1,685 3550 Colonial BoulevardMar-19 Retail C-Store 7-Eleven C-Store & Gas Station $496,996 3,490 5431 Pine Island Road NW, Saint James CityApr-19 Retail C-Store RaceTrac Gas Station - 18 Pumps $900,000 5,411 15820 Winkler RoadApr-19 Retail C-Store 7-Eleven C-Store $750,000 3,010 55 Joel Boulevard, Lehigh AcresJul-19 Retail C-Store 7-Eleven C-Store & Gas Station $324,876 2,720 6715 Winkler RoadJun-19 Retail Discount Retailer Dollar Tree & Future Tenant $1,300,000 15,280 120 Homestead Road S, Lehigh Acres Nov-18 Retail Freestanding Caloosa Point Multi-Tenant Retail Building $500,000 6,230 12002 Palm Beach BoulevardAug-19 Retail QSR Shell Building for Starbucks $400,000 2,000 8595 College ParkwaySep-19 Retail QSR Burger King Restaurant $828,465 4,020 1160 Homestead Road N, Lehigh AcresSep-19 Retail Restaurant Cypress Trace Plaza Shell Building - Pizza Shop $500,000 3,700 13300 S Cleveland AvenueApr-19 Self Storage Boat Storage Gulf Star Marina Boat Storage - Fully Automated $9,000,000 27,718 704 Fishermans Wharf, Fort Myers BeachNov-18 Self Storage Car Storage Vehicle Fortress Storage Buildings $2,517,432 32,340 14702 Tarmac CourtDec-18 Self Storage Car Storage Island Storage Man Caves $600,000 19,250 10950 Old South WayJan-19 Self Storage Car Storage Island Storage Man Caves $1,757,310 38,500 10950 Old South WayApr-19 Self Storage RV/Boat Storage Ball Park RV & Boat Storage $1,436,312 45,750 13351 Rickenbacker ParkwayNov-18 Self Storage Self Storage 1-Story Self Storage Facility $2,400,962 41,225 11351 Palm Beach BoulevardFeb-19 Self Storage Self Storage Storage Facility - Great Space Storage $5,000,000 95,544 16441 S Tamiami TrailJul-19 Self Storage Self Storage Lock Up Self Storage 4-Story $5,000,000 106,016 12700 University Drive

May-19 Specialty Church Crown of Life Lutheran Evangelical $900,000 7,418 5800 Daniels ParkwaySep-19 Specialty Church Good Shepherd Admin Building $1,000,000 4,867 2951 Trail Dairy CircleOct-18 Specialty Freestanding Sonshine Christian Youth Center $1,969,250 14,040 12925 Palm Beach BoulevardMay-19 Specialty Freestanding Tibby Art Center at Shell Point $13,000,000 43,607 15100 Shell Point BoulevardAug-19 Specialty Freestanding Pet Paradise Boarding Facility $3,200,000 14,948 6750 Alico Road

Lee County Commercial Permit Report

Source: LSI




29

Village of Estero

City of Cape Coral

Date Sector Building Type Project Name Permit Value Site AddressOct-18 Retail Freestanding ABC Liquor Store $1,854,000 21700 S Tamiami TrailJul-19 Retail Freestanding University Highlands Retail Shell Buildings $500,000 19533 Highland Oaks DriveSep-19 Retail Freestanding University Highlands Retail Shell Buildings 19521 Highland Oaks DriveSep-19 Retail Freestanding University Highlands Retail Shell Buildings 19527 Highland Oaks DriveJul-19 Retail Grocer Sprouts Grocery $1,650,000 19990 S Tamiami Trail

May-19 Retail Restaurant Texas Roadhouse $1,500,000 3005 Terracap WayJan-19 Self Storage Self Storage University Self Storage $3,017,045 20091 Tiburon WayDec-18 Specialty Daycare Primrose School $4,200,000 10350 Corkscrew Commons Drive

Village of Estero Commercial Permit Report

Source: LSI

Date Sector Building Type Project Name Site AddressFeb-19 Industrial Flex Flex Building - Office/Warehouse 411 NE 2nd PlaceMay-19 Industrial Flex Sign Shop Industrial Building 2501 SE 17th AveJul-19 Office Medical Quigley Eye Specialist 112 Del Prado Boulevard N.Jul-19 Office Medical Cape Coral Medical Office 2125 SE 16th PlaceSep-19 Office Medical Viscaya Veterinary Clinc 1141 Country Club BoulevardMay-19 Office Office Easygoing Excavating 2658 NE 9th AvenueJan-19 Retail Autoparts Tire Choice Car Care 1011 SW Pine Island Rd. Jul-19 Retail Autoparts Firestone Complete Auto Care 905 Del Prado N. Feb-19 Retail Car Dealership Sutherlin Nissan Dealership 2201 NE Pine Island RoadDec-18 Retail C-Store 7-Eleven C-Store 2327 Andalusia BoulevardDec-18 Retail C-Store Circle K C-Store & Gas 819 SE 26th StreetJan-19 Retail C-Store Circle K C-Store & Gas 5 Del Prado Boulevard N.Aug-19 Retail C-Store WaWa Gas - Lucky Shopping Center 2603 Santa BarbaraJan-19 Retail Freestanding SOS Facility / Cross Fit 325 SW 3rd StreetApr-19 Retail Grocer Aldi Grocery Store 1481 SW Pine Island RoadOct-18 Retail QSR Burger King Restaurant 2603 Santa BarbaraJun-19 Self Storage Car Storage The Caves Storage Facility 4335 SW 9th AvenueOct-18 Self Storage Mini-Warehouses Mini-Warehouses 1521 Del Prado BoulevardFeb-19 Self Storage Self Storage Skyline Self Storage Buildings 824 SW 42nd TerraceApr-19 Self Storage Self Storage Skyline Self Storage Buildings 824 SW 42nd TerraceJul-19 Self Storage Self Storage Skyline Self Storage Buildings 824 SW 42nd Terrace

Cape Coral Commercial Permit Report

Source: LSI




30

City of Fort Myers

City of Bonita Springs

Date Sector Building Type Project Name Permit Value Building (Sq. Ft.) Site AddressJan-19 Industrial Flex Benchmark Coporate Park Lot 18 $821,000 10,000 4715 Laredo AvenueApr-19 Industrial Flex Laredo Avenue Building 6 $5,819,320 80,600 9373 Laredo AvenueApr-19 Industrial Flex Flex Building $1,300,000 5,400 3210 MLK Jr. BoulevardJun-19 Industrial Flex Warehouse/Office Space $1,925,119 25,221 1719 Baseline Court Aug-19 Industrial Flex ECH Headquarters $1,990,880 14,000 2945 Van Buren StreetNov-18 Industrial Warehouse 3 Metal Frame Shell Buildings $2,299,570 29,400 3769/77/93 Ironbridge BoulevardNov-18 Industrial Warehouse Eastern Industrial Park Storage Building $675,000 2,625 2137 Jacksonville StreetFeb-19 Industrial Warehouse Industrial Storage Building $340,006 4,455 3732 Ironbridge BoulevardJun-19 Industrial Warehouse Steel Building Addition $417,000 3,600 9501 SR 82Oct-18 Lodging/Reort Hotel Luminary Hotel - 243 Units / Parking Garage $50,000,000 - 2200 Edwards DriveAug-19 Lodging/Reort Hotel 4-Story 118 Room Hotel $10,000,000 192,000 4333 Ford StreetNov-18 Office Office Drake Ready Mix Office Building $625,000 4,851 2920 Rockfill RoadFeb-19 Residential Residential Amenity GL Sales & Design Center for Marina Bay $709,044 5,872 11808/12 Meadowrun CircleJun-19 Retail Carwash Carwash Facility $1,800,000 5,197 10680 Colonial BoulevardDec-18 Retail Freestanding Shell Building $995,600 10,000 7977 Dani DriveDec-18 Retail Freestanding Shell Building $983,680 10,000 7949 Dani DriveDec-18 Retail QSR Dunkin Donuts $480,000 2,428 3301 Colonial BoulevardNov-18 Self Storage Self Storage Self Storage Facility $5,030,970 47,616 2399 Champion Ring RoadFeb-19 Self Storage Self Storage Self Storage - Fedex Facility to Spacebox $2,125,000 25,412 2670 Colonial BoulevardMay-19 Self Storage Self Storage Self Storage - Fedex Facility to Spacebox $4,138,742 44,879 2670 Colonial BoulevardMay-19 Self Storage Self Storage Self Storge Facility $9,275,811 119,951 11995 SR 82Aug-19 Self Storage Self Storage Extra Space Self Storage $1,547,452 16,600 3151 Winkler AvenueSep-19 Self Storage Self Storage Extra Space Self Storage Buildings 8 & 12 $5,266,930 56,500 3151 Winkler Avenue

City of Fort Myers Commercial Permit Report

Source: LSI

Date Sector Building Type Project Name Permit Value Building Area (Sq. Ft.) Site AddressOct-18 Industrial Flex Southlinks Commons Building 2 $4,402,544 61,404 12702 Trade Way DriveMar-19 Industrial Flex Causeway Commerce Park $838,961 16,800 28282 Industrial Road Apr-19 Industrial Flex Bernwood Trade Center $4,510,475 59,465 9201 Cockleshell CourtMay-19 Industrial Flex Southlinks Commons Building 5 $1,568,455 14,380 12601 Trade Way DriveSep-19 Industrial Flex Southlinks Commons Building 6 $1,568,455 14,380 12600 Trade Center WayMay-19 Specialty Freestanding Liberty Youth Welcome Center $1,248,617 11,969 11201 Liberty Crossing

Bonita Springs Commercial Permit Report

Source: LSI




31

Charlotte County

Date Sector Building Type Project Name Permit Value Site AddressJul-19 Industrial Warehouse Warehouse Building (Amigo Pallets) $1,580,000 28350 Woodlawn DriveAug-19 Industrial Warehouse Storage Building $295,000 25500 Technology Blvd.Jan-19 Lodging/Resort Hotel 4-Story Extended Stay America $7,769,918 24100 Beatrix BoulevardSep-19 Lodging/Resort Resort Sunseek Resort Hotel $101,970,280 4949 Tamiami TrailDec-18 Office Government District 3 Sheriffs Officec Admin Building $4,200,000 3100 Loveland BoulevardOct-18 Office Medical Millennium Medical Office Building $3,500,000 3000 S McCall RoadMay-19 Office Medical Bayfront Medical Building $515,650 1912 Kings HighwayJul-19 Retail Autoparts Firestone Complete Auto Care $1,200,000 2040 Beatrix BoulevardOct-18 Retail C-Store WaWa Gas Station $888,000 26415 Indian Trail DriveJun-19 Retail C-Store 7-Eleven Gas Station $350,000 26920 Jones Loop RoadJul-19 Retail Discount Retailer Dollar General $1,143,688 4386 N Access RoadOct-18 Retail Freestanding 4-Unit Proffessional Retail Offices $720,775 2032 El Jobean DriveFeb-19 Retail Freestanding Retail Garden Center $3,175,755 2775 El Jobean RoadDec-18 Retail Grocer Lucky's Market $3,498,911 19400 Cochran BoulevardMay-19 Retail Restaurant Restaurant $2,200,000 1350 Beach RoadMar-19 Self Storage Mini-Storage Metal Mini Storage $520,980 6221 Marlympia WayAug-19 Self Storage Mini-Storage Mini Storage Building $1,687,207 3700 Taylor RoadApr-19 Self Storage Self Storage Self Storage Facility $4,210,432 2936 S McCall RoadSep-19 Self Storage Self Storage Self Storage Facility $10,020,217 4536 Tamiami Trail

Charlotte County Commercial Permit Report

Source: LSI




32

General Limiting Conditions

Every reasonable effort has been exerted in order that the data contained in this report reflects the most accurate and timely information that is possible, within practical budget limitations, and is believed to be reliable. However, no responsibility is assumed for errors or inaccuracies caused by any clerical error or inadvertent mistakes in the transcription of information from public domain to this report.

Commissioning of this report does not grant the client any right of access to, or ownership of, any data, computer programs, spreadsheets or any other work product acquired or created by LSI Companies, Inc., whether for the preparation of this report or otherwise.

This report may not be used for any purpose other than that for which it was prepared. No part of this report may be published without the prior written consent of LSI Companies, Inc. Violation of these limiting conditions may lead to legal action and damages against the offending party.




33

MARKET RESEARCH & REPORTING by Nelson Taylor, MSRE, Market Research Director As the Director of Market Research for LSI Companies, it is my goal to provide the most accurate and up-to-date information about commercial land and improved properties throughout Southwest Florida. I have been active in real estate statistics and valuation for several years. Unlike other research organizations that rely on national data to formulate market predictions, we track transactional data including permitting and demographics to paint an accurate picture of the market in real time. We research every aspect of statistical and transactional data in Lee, Collier and Charlotte counties to keep the finger on the pulse in Southwest Florida. Should you need assistance with real estate market research or reporting, please consider LSI Companies as your brokerage firm that can provide your organization with any of the following:

· Market Studies · Valuation Services · Litigation Support · Target Market Analysis · Highest and Best Use Analysis · Feasibility Analysis · Site Selection · Data Gathering · Appraisal Reviews · Pricing Strategy · Absorption Forecasts · Demographic Analysis · Acquisition, Reposition, & Disposition Strategies · Broker Opinion of Value · Custom Reports · Product Recommendations

Nelson Taylor, MSRE serves as the Market Research Director for LSI Companies. He focuses on the market analytics of residential and commercial properties throughout Southwest Florida, in order to provide clients with clear market analysis. Nelson has 9 years of real estate experience where he supplied services for a broad range of commercial real estate product types throughout Florida. Nelson has worked directly with clients to develop market-based solutions in response to complex real estate issues for use in strategic asset management, investment analysis, portfolio valuation and litigation.



6810 International Center Blvd.Fort Myers, FL 33912

[email protected]

239.489.4066

OUR TRUSTED INDUSTRY AFFILIATIONS

TM

Documents

LSI COMMERCIAL PULSE · Punta Gorda, FL 33982 40± Commercially Zoned Acres $975,000 4285 Placida Road ... Sale Price: NOTABLE TRANSACTIONS BROKERED BY LSI COMMERCIAL IN 2019 t Loop