Panhandle - Hidden Florida Market

Landmark Reports continues to increase our understanding of the great state of Florida. To that end we have now catalogued all proposed Commercial, Industrial, and Residential development of the Northwest Florida markets including the Panhandle. We verified 433,388 SF of self storage and 231,860 SF of grocer space proposed in the Panhandle MSA. An estimated 4,532 SFD units, 3,278 MF Apartment units, and 1,267 MF TH units proposed. The ratio of for sale product to for rent product is out of balance with other MSA's in Florida. Our review of permits revealed that the Lennar acquisition of Breland Homes has allowed them to gain a significant footprint in the market. Lennar now has a total of 8 projects in permitting with an estimated 450± future lots. This does not include the already developed communities in Florida and Alabama. We expect that number of future projects to swell significantly over the next 12 to 24 months. SmartRE reveals there were 6,084 new home closings over the past 12 months at an average purchase price of $461,500± ($225/HSF). Homes under 4,000 HSF and $1,000,000 asking price the current average asking price points scaled from $220 to $250/HSF for both Resale and New Product. Click 'REPORT' to open a SmartRE Single family detached report for the Panhandle. Based upon a review of most pending SFD permits it appears that 50' product is being engineered most with quite a few large lot communities (90' of frontage or larger). Most of the TH communities were extremely small infill sites engineered for 10 to 30 units. The work force (LAUS) effective June 2022 was 461,510 with an unemployment rate of 2.7% (If you would like to learn more about SmartRE's areas of coverage, data gathering methodologies, timeliness, contact me [email protected] or [email protected].)