Market Restabilization: A Deep Dive into Lee County Permitting
Mayhugh Commercial Advisors
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Authors: Chase Mayhugh, SIOR, CCIM , Jhonny Iglesias
Mayhugh Commercial Advisors continuously researches the Lee County market to stay current on trends and developments. Our recent findings on permitting trends provide valuable insights into the market's evolution since 2019. Since 2019, a total of 357,523 permits have been issued in Lee County. Here's a breakdown of the annual figures:
Year-to-date in 2024, 37,073 permits have already been pulled. Historically, there has been a substantial increase in permits, largely attributed to the aftermath of Hurricane Ian. However, our research indicates that the market is now restabilizing, with the number of permits aligning more closely with the figures from 2021 and potentially even falling slightly below that mark.
Based on these trends, we predict that by the end of 2024, there will be a 40% decrease in the number of permits compared to 2023. Our data estimates that the market will be in line with an estimated 55,609 permits for the year. This projected decline signals a return to more stable and sustainable levels of market activity.
Stay tuned for further updates and detailed analysis as we continue to monitor these developments.
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Broker/Owner @ Mayhugh Commercial Advisors | CCIM & SIOR
3 个月Great analysis performed by Mayhugh Commercial Advisors! This analysis tracked over 350,000 permits dating back to 2019. One of Southwest Florida's largest employment drivers is the construction industry. It is key to keep track of these permit metrics to determine the health of our local economy and its demand for CRE assets. A slowdown in construction will ultimately lead to a slowdown in Industrial and Office.