Thriving Retail Sector in Naples Driven

by Population Growth and Affluence

Naples, the southernmost market in Southwest Florida, has emerged as a vibrant hub for commercial real estate, particularly in the retail segment. The region's economic prosperity can be attributed to several key factors, including a steady rise in population and its status as one of Florida's most affluent areas.

Over the past few years, Naples has experienced impressive population growth, attracting over 22,000 new residents from April 2020 to July 2022, representing a significant increase of 5.9%. While Naples has traditionally been considered a retirement destination, recent demographic shifts have revealed a surge in younger populations. The age groups of 20-29 and 30-39 have shown remarkable growth rates of over 18% and 16%, respectively, within the past five years.



Fueling the economic momentum is the region's robust healthcare industry, driven by a substantial population aged over 65. This demographic segment comprises one-third of the area's residents, contributing to the demand for healthcare services.

Naples' affluence is another crucial factor shaping its commercial real estate landscape. With a median household income of $100,700.00, as of June 27, 2023, according to Fannie Mae, the region stands out as one of the most affluent in Florida. This high income level plays a significant role in supporting the thriving retail sector, with strong consumer spending.

Southwest Florida and the Demand for Luxury Car Condos

Southwest Florida knows a thing or two about luxury. From stunning Gulf view high rises to custom estate homes overlooking premier golf courses. Many homes offer 2- to 4-car garages, but is that enough for local car enthusiasts?



Southwest Florida is home to hundreds of existing, and under construction, car condos. Many are multi-level open, climate-controlled car parks that offer lofts, private bathrooms and onsite entertainment.

As with any real estate property, price ranges vary greatly with one car open floor, climate-controlled facilities starting with annual leasing terms of just under $300 per month, to state-of-the-art private multi-car enclosed units of over $1 million.

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BUSINESS SPOTLIGHT

Toy Vault

Toy Vault of Fort Myers offers the perfect venue for your automobile, motorcycle, boat or RV storage. The solid concrete construction, including roof, makes this one of the safest and most secure luxury car condo storage in Southwest Florida.

Centrally located on US 41, 1 mile south of Alico Road, just minutes from RSW and Page Field.

For more information, visit our recent interview with Cara or learn more at ToyVaultFortMyers.com.

Carlson Norris

Carlson Norris & Associates is your local expert in real estate residential and commercial appraisals for over 40 years. Given our vast experience of working with a broad spectrum of properties and clients, at Carlson Norris we’ve taken on a full range of challenges and conquered them all for our clients.

Carlson Norris & Associates affirm the ideals of providing objective, well supported, credible analysis, so that clients can better understand the nature of specific real estate investments. As well as real estate appraisals, you can also take advantage of our expertise for overall market analysis. This includes appraisal review, market rent studies, feasibility studies, eminent domain analysis, insurable replacement cost, expert witness testimony and overall real estate investment.

As a subsidiary of the KOVA Companies, we have a wide range of experience and capabilities to meet the needs of our clients. Helping KOVA achieve our mission of offering you the support you need every time you call us. Learn more about Carlson Norris & Associates' extensive services at CarlsonNorris.com.

9130 Galleria Court | Suite 100 | Naples | FL 34109