RETAIL MARKET REPORT (CoStar)

Naples' retail vacancy is hovering around historic lows, remaining relatively unchanged over the past year to 4.1% as of the fourth quarter of 2023, a near record low. Limited new construction has been a key factor in keeping vacancy low here, as only 59,000 SF has delivered in the past 12 months. In addition, preleasing has been robust on the current pipeline of 97,000 SF, which will have minimal impact on the market's vacancy rate in the near term. Naples' vacancy is forecast to remain around 4% for the foreseeable future, in large part due to the limited construction pipeline and consistent demand.

The Naples market has one of the highest retail asking rates in Southwest Florida at $28.00/SF. Asking rate gains have been consistent over the past several years, hovering around the 4% to 5% range and are up 4.9% year over year as of the fourth quarter of 2023. Looking ahead, asking rent growth is forecast to decelerate here over the coming quarters eventually flattening by mid-2024.

MOVING YOUR BUSINESS TO SWFL

In the years from 2010 to 2023, Naples experienced a remarkable surge in population from 237,099 to 280,777, showcasing the region's dynamic appeal. The household count mirrored this growth, rising from 103,038 to 123,272 during the same period. This transformation is a testament to Naples' evolving landscape, presenting ample opportunities for businesses to tap into an expanding consumer base.

Currently, the area boasts a substantial total specified consumer spending of approximately $4.2 billion, underlining the economic vitality that businesses can harness. The average household income of $109,359 further solidifies Naples as a community with significant purchasing power, making it an attractive destination for a wide array of retail ventures.

Amidst this wealth of data, the seasoned expertise of KOVA Commercial Group can help navigate the commercial real estate landscape.

Our experienced advisors specialize in interpreting intricate demographic trends, ensuring that businesses make informed decisions when selecting their ideal investment. With KOVA by your side, discover the perfect location in Naples that aligns seamlessly with your business goals,

Contact our team at 239.261.2627 or visit our website at KOVACG.com.

FEATURED LISTINGS

Property Description

Beautiful professional office park in wooded parcel located at the intersection of Golden Gate Parkway and Airport Pulling Road. Two miles from I-75 Interchange and four miles from 5th Avenue S. large windows, upgraded finishes, refurbished lobbies and common areas.

Location Description

Locate at the intersection of Golden Gate Parkway & Airport Pulling Road. New I-75 interchange at Golden Gate Parkway completed in 2007. The overpass was constructed to ease the traffic at this busy overpass.

Highlights

• 11,494 RSF Available in a Class A business campus
• Large windows and upgraded finishes
• Recently renovated lobbies and common areas including walking paths and outdoor seating
• Furniture available if desired

Property Description

This exceptional sublease is your ticket to a premium commercial space located at the bustling intersection of Airport-Pulling and Vanderbilt Beach Roads. Fountain Park features several dining options, Orangetheory Fitness, and The Food & Thought 2. These diverse businesses create a natural draw for a variety of customers. Within the surrounding corridor, you'll find a diverse array of businesses, including a Publix supermarket, a Greek restaurant, several medical offices, Walgreens, CVS, and much more. This strategic location ensures a steady stream of potential patrons and clients from various walks of life.

Location Description

The subject is a 1,100sf retail space located on the ground floor of Fountain Park. The plaza is at the southwest corner of the list intersection of Airport-Pulling Rd., and Vanderbilt Beach Rd., in North Naples, FL.



Highlights

• Prominent positioning at a high-traffic intersection.
• Your business will benefit from the synergy of this commercial hub.
• This location puts your business in the heart of the action, allowing you to engage with a dynamic and ever-growing customer base.
• Invest in success. Choose this sublease and join a community of thriving businesses in the heart of Naples, Florida.

RECENTLY SOLD / LEASED

NEWS YOU CAN USE

LeeWay Introduces New Invoice System

As announced November 6th, LeeWay rolled out a new invoice system for motorists with unpaid tolls from Oct. 1, 2019, onwards. This affects trips across the Cape Coral Bridge, Midpoint Memorial Bridge, and the Sanibel Causeway.

Key Points:

- Unpaid tolls from Oct. 1, 2019, will be rebilled this month.

- Lee Pay-by-Plate website (leetollbyplate.com) will be offline from 12 p.m.

Nov. 9 to Nov. 13.

- Existing unpaid tolls get new reference numbers in the updated invoice

system.

- Payment instructions will be included in mailed invoices.

- Use LeeWay Service Center (239-533-9297) for assistance.

- "Quick Pay" feature on www.leegov.com/tolls lets users check unpaid tolls via

license plate number.

- Unpaid tolls after 60 days may lead to a registration stop.

- Active toll transponder prepaid account users remain unaffected.

Stay Updated with Lee County Government News:

Sign up for Lee County Government newsletters at www.leegov.com/resources/newsletters and follow on Facebook at www.facebook.com/leecountyflbocc.

KOVA Foundation

OUR MISSION

To inspire hope, enhance the quality of life, and contribute to health and well-being by providing resources to non-profit organizations that support individuals and families in need.

9130 Galleria Court | Suite 100 | Naples | FL 34109