Jobs and population growth of the Orlando and Tampa region driving the region’s growing appeal to investors | Real Estate
Miami is one of the most recognizable cities in Florida, serving as the gateway to Latin America thanks to its strategic location. Today, we shift our focus from South Florida to the cities of Orlando and Tampa, which also hold significant appeal for real estate investors.
Investors should closely consider two key factors: job and population growth. People tend to relocate to areas with employment opportunities, and this population growth generates the demand for retail and housing.
Fernando Echeverri.
One top choice for investment is Orlando, which consistently ranks high among investors’ preferences. While Orlando has long been associated with its theme parks, it has evolved into a diverse economy with a significant presence in technology and research. One noteworthy project is Neocity, a 500-acre master-planned campus and the epicenter of semiconductor manufacturing.
Orlando is the region’s fastest-growing job market and population, surpassing other rapidly developing metropolitan areas. According to the U.S. Bureau of Labor Statistics, in 2022, Orlando ranked #2 in the US for job growth, with an annual growth rate of 2.3% in population, making it one of the nation’s fastest-growing regions. Orlando’s central location is also fundamental for employers, having a vast pool of highly educated workers. ESRI, a multinational geographic information system software company, reports over 9.5 million people live within a two-hour drive of Orlando.
Furthermore, Orlando’s commitment to infrastructure and transportation projects facilitates connectivity and fuel development. Transportation-related infrastructure projects have driven industrial parks, research centers, and residential ventures growth.
Apopka 429 is a prominent industrial development offering up to 2.5 million square feet of industrial space. It enjoys an ideal location with easy access to major roads and railways.
A bay view of Tampa, Florida.
Introducing the Brightline train service between Miami and Orlando will significantly enhance connectivity between these two vital business hubs. This public-private partnership has transformed the much-needed train service into a reality, and it is expected to benefit local economies by creating synergies between Florida’s most important business centers.
Tampa, the other major central Florida city, also ranks high as an attractive destination for investors. Its economy is among the state’s most robust, and it has a lower cost of living when compared to Miami and Orlando. Housing costs in Tampa are approximately 27.4% lower than in Miami.
Central Florida will continue to emerge as one of the country’s fastest-growing industrial real estate markets, serving as Florida’s hub for distribution and logistics. The I-4 corridor alone is home to over 400 distribution centers, driving demand for retail and distribution spaces. The expanding populations of Tampa and Orlando will continue to fuel economic growth and create opportunities in the industrial, retail, housing, and hospitality sectors.
Fernando Echeverri is a broker specializing in commercial investment properties and works with Great Properties International on Key Biscayne. [email protected] – (305) 458 6101
