In their recent report on commercial real estate in Washington County, Cushman & Wakefield indicates:
- Industrial vacancy has fallen from 16 percent a year ago, to 14.5 percent at year end, to 11.71 percent currently.
- Retail vacancy has fallen from 12.8 percent a year ago, to 11.7 percent at year end, to 10.6 percent currently.
- Office vacancy is up from 15.2 percent to 15.5 percent over the last two quarters.
- Czarnowski Display Services purchased and is opening their new $6.5M facility in Ft. Pierce.
- Red Rock Commons, a new 98,000sf retail project on St. George Blvd and River Rd., is under construction is expected next year.
- Lease rates are firming up in retail and industrial sectors.
- Numerous infrastructure projects have been completed, are under way or in planning including the new Dixie Drive I-15 Interchange and the widening of Riverside Dr./Dixie Dr. corridor to four lanes all the way from Sunset Blvd. to 3050 E.
In summary, the commercial real estate market in Washington County continues to improve in both the industrial and retail sectors. Office appears to have recently found the bottom seeing only a slight increase in vacancy. Investors are also taking opportunistic bets on raw land to diversify their holdings and take advantage of significant discounts.
For a full copy of their report, click here.
