From Hot Suburban Communities To Self Storage Development, Orlando Is Recognized In Multiple Areas In 2023
Orlando, known as the vibrant heart of the Sunshine State, had quite a noteworthy year in 2023 in several aspects. The greater Orlando area boasts a unique blend of attractions, which helped it get ahead of many other urban hubs in Florida and across the United States.
It got accolades for its quality of life, with its cozy suburban settings with city-like perks. Orlando also has a booming construction market, from housing to retail and storage space development. With Orlando being a popular destination for newcomers, the area has seen a jump in interest in self storage, making it a hot spot for storage demand. It also continued to be a favored destination for snowbirds in 2023.
Orlando’s construction market is one of the hottest in Florida
Orlando has secured the 11th position among the best locations for real estate development, sharing the spotlight with fellow Florida cities like Jacksonville and Tampa, which claim the seventh and 15th spots, respectively.
Despite its comparatively smaller population when compared to the top 20 cities in this category, Orlando has managed to outshine major metropolises such as New York City, Chicago and Los Angeles. This success is attributed to its diverse economy, driven by tourism, services and advanced-technology sectors, positioning Orlando as a dominant player in commercial real estate construction.
Over the past decade, Orlando has added nearly 22M square feet of new industrial space and 8.8M square feet of new retail space to its real estate inventory. Additionally, the self storage construction sector in Orlando has flourished, resulting in the creation of nearly 3.3M square feet of additional storage space from 2013 to 2022, with the peak occurring in 2019 when 935K square feet of new space was added. Furthermore, over the past decade, the city has issued 9,000 building permits for single-family homes and more than 20,000 permits for new apartments.
Orlando suburbs shine with city-like perks
Maitland, Orlando FL
Two greater Orlando area suburbs shine in the top 10 Florida cities for a city-like lifestyle.
Maitland, ranking sixth on the list, combines small-town charm with a thriving community and plenty of business opportunities. Recent data shows an accelerated construction rate, with 12.2 building permits issued per 1,000 residents. The past five years brought a 13% population growth, resulting in a high population density of 3,565 people per square mile. Maitland boasts 66 businesses per 1,000 people, offering ample local business opportunities. Furthermore, its proximity to Orlando provides access to jobs and entertainment, and the availability of office and coworking space facilitates remote work.
Additionally, Lake Mary secures the 10th spot, with a remarkable 72% dominance of single-family homes in its local real estate market, one of Florida’s highest concentrations. This suburb is celebrated for its low crime rate and top-tier public schools. Over the past decade, Lake Mary has seen a surge in residential construction, evolving into an economic hub with extensive office, retail and industrial spaces. With a median household income of $94,770, Lake Mary’s economic prowess is hard to miss.
Orlando ranks among the top U.S. cities with the highest interest in self storage in 2023
This image was generated with the help of GPT-3.
Orlando ranked 15th among U.S. cities for self storage interest in 2023, with 25.7 web searches per 1,000 residents. This reflects the city’s 6.74 square feet of self storage space per capita and a 2.7% population growth from 2020 to 2022. High interest in self storage is common in areas with population growth, as seen in Orlando.
Check out all available storage units in Orlando.
Orlando is a prime escape for snowbirds
Orlando’s warm climate, famous attractions and affordable living make it an attractive destination for snowbirds. With 61% of its housing units available for seasonal or rental use and an average temperature of 66.4 degrees Fahrenheit from October to March, it’s ideal for those seeking milder weather. The city offers lifestyle activities, including extensive park space — 503.5 square feet per capita — and numerous golf courses, shopping and dining options.
Nearby Clermont ranks 10th nationally for snowbirds, offering 74% housing for seasonal residents, pleasant temperatures with low precipitation, excellent air quality and a low crime rate.
Kissimmee, ranking 14th, provides 81% of its housing for seasonal use, good air quality, 313.6 square feet of park space per capita and a median rent of $1,252, lower than the state average.
For those who prefer a suburb with beautiful beaches, Sanford is an excellent choice. It boasts 12 beaches to choose from and an average temperature of 65.8 degrees Fahrenheit from October to March.
Snowbirds will also find convenient storage solutions for their seasonal items. Many storage units are available in these cities, with rates ranging from $102 to $115 for a 10’x10’ non-climate-controlled facility.
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