fort myers market - loopnet...market 47,450,153 4.9% $16.90 6.6% 271,848 8,500 176,753 forecast...

Fort Myers Market

PREPARED BY

Paul Turovsky

Retail Market Report

RETAIL MARKET REPORT

Market Key Statistics 2

Leasing 3

Rent 7

Construction 9

Under Construction Properties 11

Sales 13

Sales Past 12 Months 14

Economy 16

Market Submarkets 18

Supply & Demand Trends 20

Rent & Vacancy 24

Sale Trends 28

Fort Myers Retail

8/6/2019Copyrighted report licensed to Emerald Realty International - 1070894.

OverviewFort Myers Retail

12 Mo Deliveries in SF

380 K12 Mo Net Absorption in SF

455 KVacancy Rate

4.9%12 Mo Rent Growth

0%Fundamentals in the Fort Myers' retail market havesoftened slightly the past few quarters. Vacancies haveflatlined as demand for retail space has slowed.However, new deliveries are well below the historicalaverage, which should allow vacancies to declinegradually in the coming years. With slowing demand,landlords have had some trouble in pushing rents.Sluggish rent growth is expected to last throughout theexpansion.

Investment activity continues to remain robust in theretail market, with total sales volume well above the

historical average. Market price per SF has climbedupwards in recent years, and cap rates havecompressed to the lower-7% range.

The Fort Myers retail market is the largest in SouthwestFlorida and is driven by the region's strong tourismindustry and high population growth rates. The metrotends to see the largest amount of activity in therestaurant sector, with numerous openings, closing, andexpansions as entrepreneurs attempt to capitalize on theincrease in the tourism sector.

KEY INDICATORS

Market RentVacancy RateRBACurrent Quarter Availability Rate Net AbsorptionSF Deliveries SF Under

Construction

$21.102.7%5,102,380Malls 4.9% 0 0 0

$21.812.2%2,512,170Power Center 4.9% (8,058) 0 22,380

$16.477.6%15,897,644Neighborhood Center 9.7% 205,353 0 20,062

$14.816.5%4,362,816Strip Center 8.6% 16,030 0 5,600

$15.943.3%19,289,342General Retail 4.2% 58,523 8,500 128,711

$19.728.2%285,801Other 10.6% 0 0 0

$16.904.9%47,450,153Market 6.6% 271,848 8,500 176,753

ForecastAverage

HistoricalAverage12 MonthAnnual Trends Peak When Trough When

3.9%6.3%-0.2%Vacancy Change (YOY) 9.4% 2009 Q4 2.8% 2006 Q3

449,466626,142455 KNet Absorption SF 2,733,076 2007 Q1 (836,797) 2009 Q4

303,886764,573380 KDeliveries SF 2,872,845 2007 Q1 140,609 2014 Q2

0.1%0.3%0%Rent Growth 3.9% 2007 Q1 -5.0% 2010 Q2

N/A$218.5M$344 MSales Volume $418.8M 2016 Q1 $50.3M 2009 Q4


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LeasingFort Myers Retail

Vacancies in the Fort Myers retail market have remainedrelatively flat, after hitting an all-time low at the end of2017. Weak demand has kept vacancies from decliningany further in recent years. However, the retail vacancyrate is expected to decline once again, largely stemmingfrom the muted pipeline.

There were numerous brand entries in Fort Myers during2018. Whole Foods signed a 45,000-SF lease atDaniels Marketplace and opened in late 2018.Additionally, experiential retail is expected to continueexpanding, with the City of Fort Myers announcing thatTopgolf will soon be coming to the community and Dave& Buster's agreeing to take up 40,000 SF in the old Saks

Fifth Avenue in Bell Tower Shops. Both Topgolf andDave & Buster's have recently expanded in areas suchas Tampa and Orlando, with each new location drivingelevated retail traffic volumes in the surroundingneighborhoods and retail centers.

Consumer spending in Fort Myers continues to grow at ahealthy clip, with retail sales jumping 6% annually thepast few years. High population and income growth havelargely contributed to this rise in consumer spending.Retail sales are expected to slow somewhat in thecoming years but still remain comfortably above thenational average.

NET ABSORPTION, NET DELIVERIES & VACANCY


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VACANCY RATE

AVAILABILITY RATE


Page 4


12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

3rd QtrBuilding Name/Address Submarket Bldg SF Vacant SF

1st Qtr 2nd Qtr 4th Qtr 12 Month

Net Absorption SF

North Ft Myers 117,064 0 0 0 0 0 94,727Hancock Bridge Square (1)

S Ft Myers/San Carlos 111,226 19,772 15,299 0 0 0 91,454Daniels Marketplace

Cape Coral 57,789 0 0 0 0 0 57,7894151 Hancock Bridge Pky


Cape Coral 55,275 0 53,675 1,600 0 0 55,2752200 NE Pine Island Rd

North Ft Myers 50,000 0 50,000 0 0 0 50,000Del Tura Plaza

S Ft Myers/San Carlos 131,006 3,600 0 0 0 0 39,332Gulf Points Square

S Ft Myers/San Carlos 72,214 12,470 0 (41,423) 28,953 0 38,521Shops Of Plantation

City of Ft Myers 133,022 0 0 0 37,912 0 37,912East Fort Myers Shopping Center

Cape Coral 68,260 0 0 0 0 0 27,500Coral Gate Commons

Bonita Springs 69,973 17,349 0 0 11,140 0 26,495Center Of Bonita Springs

S Ft Myers/San Carlos 52,793 2,300 1,600 17,900 0 0 19,500Miner Plaza

S Ft Myers/San Carlos 232,919 6,000 (2,000) 400 0 0 18,100South Plaza

North Ft Myers 55,000 2,210 0 16,000 0 0 16,000Foxmoor Plaza

Estero 15,000 0 15,000 0 0 0 15,000Coconut Point Town Center

City of Ft Myers 14,584 0 7,292 7,292 0 0 14,584McCrory Building


1,310,073 63,701 140,866 1,769 78,005 0 671,917Subtotal Primary Competitors46,140,080 2,283,533 (122,171) (167,376) 193,843 0 (217,007)Remaining Fort Myers Market

47,450,153 2,347,234 18,695 (165,607) 271,848 0 454,910Total Fort Myers Market


Page 5


TOP RETAIL LEASES PAST 12 MONTHS

Building Name/Address Submarket Leased SF Tenant Name Tenant Rep Company Leasing Rep CompanyQtr

Mcgregor Point Shopping Center S Ft Myers/San Carlos 76,821 Big Lots - The Malon D Mimms C…Q1 19

South Plaza * S Ft Myers/San Carlos 18,000 Furniture Concepts - -Q4 18

Foxmoor Plaza North Ft Myers 16,000 Octapharma Plasma - TRC Management, LLCQ1 19

14607 Ben C Pratt Pky S Ft Myers/San Carlos 15,000 D-Bat CRE Consultants Trinity Commercial GroupQ2 19

13851 S Tamiami Trl S Ft Myers/San Carlos 12,698 - Dwyer Crowley Realty Dwyer Crowley RealtyQ4 18

De La Cruz Plaza * Lehigh 11,400 Maxd Out Fitness Center I… Boback Commercial… Boback Commercial Gr…Q3 18

Parker Promenade Shopping Center S Ft Myers/San Carlos 11,160 Jumping Jacks Keller Williams Realt… Lee & Associates Com…Q4 18

Center Of Bonita Springs Bonita Springs 11,140 NewSouth Window Soluti… - Trinity Commercial GroupQ2 19

Jamaica Bay Plaza S Ft Myers/San Carlos 10,495 Teen Challenge Thrift Store Invest Florida LLC Invest Florida LLCQ3 18

The Prado at Spring Creek Bonita Springs 10,000 - - Isram Realty & Manage…Q1 19

2320 S Cleveland Ave City of Ft Myers 10,000 United States of America… Savills LandQwest CommercialQ3 18

2328 Fowler St City of Ft Myers 9,064 Gwiz & Gwiz Corporation - Emansland Commercia…Q3 18

Chiquita Blvd S Cape Coral 8,800 Coral Ridge Funeral Home - -Q4 18

17200 S Tamiami Trl S Ft Myers/San Carlos 8,550 SIX MEATBALLS INC - Bamboo Shan Properti…Q1 19

Shops at Surfside Cape Coral 7,502 Island Doctors Cushman & Wakefie… LandQwest CommercialQ2 19

33 Patio de Leon City of Ft Myers 7,500 - - City of Palms RealtyQ4 18

South Plaza S Ft Myers/San Carlos 7,415 - - Bruce Strumpf, Inc.Q1 19

Sherwin-Williams * Cape Coral 7,200 Sherwin-Williams - -Q4 18

Miner Plaza S Ft Myers/San Carlos 7,000 - - Phil Deems Real EstateQ2 19

3630-3636 Bonita Beach Rd Bonita Springs 7,000 Paving Company - Kevin Shelly RealtyQ1 19

Bonita Crossings * Bonita Springs 6,975 West Marine - CRE ConsultantsQ4 18

Luxe Plaza City of Ft Myers 6,600 - - Commercial Real Estat…Q2 19

University Village Shops Estero 6,420 Marlins Brewhouse/ Cali… Cushman & Wakefie… Miromar Development…Q3 18

The Prado at Spring Creek Bonita Springs 6,000 - - Isram Realty & Manage…Q1 19

Indian Creek Plaza S Ft Myers/San Carlos 6,000 Napa Auto Parts - Baldwin Howell Propert…Q2 19

551 Owen Ave N * Lehigh 5,637 Desadyl LLC Boback Commercial… Boback Commercial Gr…Q4 18

Plymouth Center * S Ft Myers/San Carlos 5,600 Fort Myers Naples Church LandQwest Commer… -Q4 18

3310 Lee Blvd Lehigh 5,500 - - Patrick Turtle, Inc.Q2 19

Palm Pointe Shoppes S Ft Myers/San Carlos 5,400 - - LandQwest CommercialQ2 19

Bonita Commons Bonita Springs 4,968 Grow Healthy Boucher Commercia… Cushman & Wakefield…Q3 18

Sun Trust Bank Bonita Springs 4,925 - - Investment Properties…Q4 18

De La Cruz Plaza Lehigh 4,800 Garden of Infants Boback Commercial… Boback Commercial Gr…Q4 18

Plymouth Center * S Ft Myers/San Carlos 4,700 Kelly Nail Supplies LandQwest Commer… -Q4 18

3430-3452 S Cleveland Ave City of Ft Myers 4,627 - - Commercial Managem…Q1 19

Bonita Commons Bonita Springs 4,622 Kitchen Solvers Boucher Commercia… Cushman & Wakefield…Q3 18

Luxe Plaza City of Ft Myers 4,600 - - Commercial Real Estat…Q2 19

Myerlee Square-Front S Ft Myers/San Carlos 4,500 - - The Keyes CompanyQ1 19

Bonita Commons Bonita Springs 4,500 Kitchen Solvers - -Q4 18

1506 Chiquita Blvd S Cape Coral 4,400 Minone Pizza - -Q4 18

Summerlin Ridge S Ft Myers/San Carlos 4,200 Heartland Dental - LandQwest CommercialQ4 18

*Renewal


Page 6

RentFort Myers Retail

Annual rent growth has slowed in the past few quarters,correlating with slowing demand. Though vacancies areexpected to drop in the coming years, rent growth shouldremain below 1% in 2019–20. Rents were able torecover to prerecession levels in the past few years andcould break the $17/SF mark this year.

The Fort Myers metro compares favorably with Sarasotaand offers a more cost efficient option to prospectivetenants looking to expand into Florida's Gulf Coast.Average rental rates in Fort Myers are about 10%cheaper than those in Sarasota. Additionally, Fort Myerstends to be roughly 30% cheaper on average thanNaples, the chief competing metro in Southwest Florida.

MARKET RENT GROWTH (YOY)


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RentFort Myers Retail

MARKET RENT PER SQUARE FOOT


Page 8

ConstructionFort Myers Retail

Retail construction in Fort Myers has slowed graduallyover the past few years. Overall, the retail pipeline hasbeen limited for much of the cycle, representing a lessthan 1% growth in inventory each year. Most retailproperties have come in the form of smaller, freestandingretail buildings that accommodate national chains.

While the new supply has been muted, local ownershave used this as an opportunity to rehab existingproperties. For example, the new owners of Gulf CoastTown Center invested more than $5 million inrenovations in an effort to appeal to both customer trafficand tenants that are seeking new, modern space.Madison Marquette, the developer of Bell Tower Shops,also recently announced plans to rejuvenate the 25-year-old center, including a focus on experiential retail.

Dave & Buster's recently signed a lease for 40,000 SF in

Bell Tower Shops, with plans to occupy the spacevacated by Saks Fifth Avenue.

Retail properties under construction in Fort Myers tend tobe smaller, freestanding buildings under 10,000 SF.Even then, roughly 80% of retail properties underconstruction are already accounted for by tenants.

The majority of recent deliveries has been in the SouthFort Myers/San Carlos Submarket. Containing themetro's largest inventory of retail (over 35%), thesubmarket has been one of the best performing in FortMyers, with demand consistently outpacing supply since2012 and some of the highest asking rental rates in themetro. However, Estero to the south has been able tocapture some of this momentum with some strip centerscentered along US-41.

DELIVERIES & DEMOLITIONS


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ConstructionFort Myers Retail

SUBMARKET CONSTRUCTION

Average Building Size

RankUnder Constr

Under Construction Inventory

All ExistingSF (000) Pre-Leased SF (000)SubmarketNo. RankBldgs Pre-Leased %

1 Cape Coral 6 74 12,402100% 1 11,54274 1

2 S Ft Myers/San Carlos 6 72 11,92463.9% 4 16,94446 2

3 City of Ft Myers 2 9 4,62532.4% 6 10,1803 5

4 Estero 1 8 7,500100% 1 26,3868 3

5 Bonita Springs 1 7 7,19044.4% 5 12,9353 4

6 Lehigh 2 7 3,431100% 1 11,3217 6

7 North Ft Myers 0 - -- - 11,187- -

8 The Islands 0 - -- - 6,892- -

Totals 18 177 9,82079.6% 13,258141


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Under Construction PropertiesFort Myers Retail

Properties

18Square Feet

176,753Percent of Inventory

0.4%Preleased

79.6%UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Apr-20191481 SW Pine Island RdAldi

40,000 1 Nov-2019--

1

Oct-20189345-9347 Six Mile Cypre…

22,380 - Sep-2019-Benderson Development Compa…

2

Feb-20193550 Colonial BlvdHonda of Fort Myers

20,000 1 Dec-2019--

3

Mar-20192203 NE Pine Island Rd

15,000 1 Dec-2019--

4

Jan-2018Dani Dr

10,031 1 Sep-2019--

5

Sep-2018Challenger BlvdVillage Walk Outparcel

10,031 1 Sep-2019--

6

Jun-20193005 Terracap Way

7,500 1 Jan-2020--

7


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Under Construction PropertiesFort Myers Retail

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Jun-201911671 Bonita Beach RdImperial Bonita OP - Pro…

7,190 1 Apr-2020--

8

Mar-201911 Del Prado Blvd

6,909 1 Oct-2019--

9

Mar-201912002 Palm Beach BlvdCaloosa Point

6,250 1 Jan-2020--

10

May-201910981 Saxum Dr

5,600 1 Jan-2020MQ Development Company-

11

Mar-20191013 SW Pine Island Rd

5,000 1 Oct-2019--

12

May-2019543 SW Pine Island Rd

5,000 1 Dec-2019--

13

May-2019Corner Summerlin & Win…

3,500 1 Dec-2019--

14

May-201955 Joel Blvd7-Eleven

3,500 - Oct-2019--

15

Jan-201955 Joel Blvd

3,362 1 Sep-2019--

16

Mar-20193303 Colonial Blvd

3,000 1 Sep-2019--

17

Jan-2019817 SE 26th

2,500 1 Sep-2019--

18


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SalesFort Myers Retail

Fort Myers continues to see increased investmentactivity, with total sales volume well above the historicalaverage. Market price per SF has also increasedsubstantially the past few years, and cap rates havedeclined to the lower-7% range. While there have beensome out-of-state buyers within the past year,properties tend to trade hands between firms based inFlorida.

Investors were seemingly focused on shopping centersanchored by grocery stores and standalone drug stores.Recent deals involved tenants including Publix, BJ's,CVS, and Walgreens. One of the largest sales this pastyear involved the 123,000-SF BJ's Wholesale Club,which sold for more than $26.27 million ($213/SF) in the

S Ft Myers/San Carlos Submarket. Many of the mostnotable transactions over the past year have taken placein this submarket, but Cape Coral has also seen anincreasing amount of investment activity. This includedone of the largest sales in this submarket, the 116,000-SF Northpoint Shopping Center to New York-basedALTO Real Estate Funds for $17,836,000 ($153.88/SF)at 97% leased.

More recently, in July 2019, Fairburn, Georiga-based SJCollins Enterprises sold the 136,000-SF DanielsMarketplace. Boston-based AEW Capital Managementpurchased the Whole Foods-anchored shopping centerfor $49 million ($361/SF).

SALES VOLUME & MARKET SALE PRICE PER SF


Page 13

Sales Past 12 MonthsFort Myers Retail

Sale Comparables

205Avg. Cap Rate

7.5%Avg. Price/SF

$208Avg. Vacancy At Sale

2.5%SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $120,956 $2,422,314 $1,250,000 $38,200,000

Price Per SF $46 $208 $175 $3,232

Cap Rate 3.2% 7.5% 7.9% 10.3%

Time Since Sale in Months 0.4 5.9 6.0 12.0

Property Attributes Low Average Median High

Building SF 416 11,319 4,770 117,566

Stories 1 1 1 3

Typical Floor SF 416 10,231 4,500 117,566

Vacancy Rate At Sale 0% 2.5% 0% 100%

Year Built 1910 1989 1987 2019

Star Rating 2.5


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Sales Past 12 MonthsFort Myers Retail

Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

RECENT SIGNIFICANT SALES

-1 10551 Veneto Dr- 48,403 3.1% $38,200,000 $7896/28/2019 -

-2 NorthPoint2012 111,967 0% $17,109,622 $153

1803-1851 NE Pine Island…1/10/2019 6.8%

-3 Shops at Surfside2007 117,566 28.3% $13,625,000 $116

2336 Surfside Blvd5/28/2019 8.9%

-4 Estero Bay Chevrolet2007 32,258 0% $10,600,000 $329

10640 Chevrolet Way7/2/2019 -

-5 The Shoppes at Plantation2004 72,214 0% $8,070,000 $112

6800-6830 Shoppes At Pl…12/14/2018 -

-6 900 SW Pine Island Rd2008 46,885 19.8% $7,945,000 $1694/29/2019 8.5%

-7 76 Gas Station2010 2,166 0% $7,000,000 $3,232

13621 Cleveland Ave9/25/2018 -

-8 Pelican Village2001 32,400 0% $6,773,430 $209

24830 S Tamiami Trl12/21/2018 7.0%

-9 Anchor Space in Busy S…2007 30,000 0% $6,700,000 $223

28811 S Tamiami Trl12/12/2018 7.0%

-10 Marlin's Plaza2017 14,660 0% $6,500,000 $443

5611-5631 Six Mile Comm…7/11/2019 6.5%

-11 Walgreen's2003 14,484 0% $6,418,000 $443

6790 Daniels Pky8/30/2018 -

-12 Coconut Point Outparcel2019 15,000 0% $6,300,000 $420

23230 Via Villagio3/13/2019 6.5%

-13 North Bay Village2004 32,896 0% $6,201,244 $189

26381 S Tamiami Trl3/22/2019 7.4%

-14 7-Eleven2019 4,165 52.8% $6,159,100 $1,479

1518 Chiquita Blvd S2/27/2019 -

-15 Morse Shores1982 86,786 0% $5,736,704 $66

4901 Palm Beach Blvd12/21/2018 10.3%

-16 Morse Shores1983 84,025 0% $5,563,296 $66

4901 Palm Beach Blvd12/21/2018 10.3%

-17 7750 Cypress Lake Dr1998 3,969 0% $5,385,000 $1,35710/9/2018 5.9%

-18 7-Eleven2018 3,109 0% $5,273,400 $1,696

100 Delaware Rd2/27/2019 -

-19 2060-2068 NE Pine Islan…2017 9,995 0% $5,200,000 $5206/28/2019 6.5%

-20 Carrabba's Italian Grill2005 6,410 0% $4,920,000 $768

762 Pine Island Rd11/15/2018 6.3%


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EconomyFort Myers Retail

Fort Myers continues to ride a wave a strong populationand job growth, correlating with a robust leisure andhospitality industry. The leisure and hospitality sector stillaccounts for an outsized portion of the entire economy atroughly 15%.

Education and health services also account for a largesegment of the economy. This industry has performedwell in recent years as an older demographic moving tothe metro have increasingly demanded more medicalservices. Outside of government employers, topemployers include Lee Memorial Health System and FortMyers-based Chico’s FAS at 10,900 and 1,600employees respectively.

Those age 65 and over have drastically increased in themetro, expanding by almost 40% since 2010. As such,the Lee Heath board of directors approved a $306 millionexpansion for the Gulf Coast Medical Center. The projectwill add nearly 370,000 SF and over 250 additional bedsto the facility and is expected to bring in both temporaryconstruction jobs and long-term healthcare job growth tothe Fort Myers area. The expansion began constructionin mid-2018 and is expected to complete by 2021.

Strong demographic factors and a business-friendlyenvironment have landed Fort Myers a handful of jobexpansions in recent years. While based in Connecticut,research and advisory firm-Gartner, Inc. has its secondlargest location in Fort Myers with 1,200 employees.Gartner, Inc. is looking to expand their workforce by 900

employees by 2022 in a new campus. While the firstphsae delivered in May 2019, the second phase ofexpansion is under construction and expected to open inlate 2019. Additionally, in a move perhaps reflective ofFort Myers' overall appeal, Hertz moved its globalheadquarters to Estero in October 2015, bringing about650 jobs to the metro.

Since opening its doors in 1997, Florida Gulf CoastUniversity (FGCU) has increasingly grown both inenrollment and its economic presence in SouthwestFlorida. Located in SE Fort Myers, the enrollment hasgrown to just over 15,000 students, and the universityhas become well-known for its environmental forensicsprogram. FGCU also is the ninth-largest employer inFort Myers with over 4,200 employees. The universityhas a significant impact, not just on Fort Myers but alsonearby metros, as nearly 60% of FGCU alumni remain inSW Florida upon graduation.

The metro is served by the regions’ signature airport,Southwest Florida International Airport, which servesover nine million passengers a year. Fort Myers’ port,Boca Grande, does not see much shipping activity andhas lost most of its traffic to nearby Tampa. Severalmajor state highways crisscross the metro, with TamiamiTrial as Fort Myers’ main north-south arterial highway.Interstate 75 connects the metro to Tampa and nearbyNaples. Outside of Tamiami Trial, I-75 is the only otherhighway that connects Southwest Florida to the Miamimetropolitan area.

FORT MYERS EMPLOYMENT BY INDUSTRY IN THOUSANDS

NAICS Industry Jobs LQ MarketUS USMarketUSMarket

Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast

-0.01%2.99%0.88%4.17%1.35%4.09%0.37Manufacturing

0.47%1.99%1.17%2.90%0.88%1.58%1.155Trade, Transportation and Utilities

0.37%1.58%0.86%2.85%-0.12%0.85%1.442 Retail Trade

0.34%0.63%1.01%1.99%0.98%2.55%0.914Financial Activities

0.76%1.33%-0.01%1.79%0.44%0.14%1.042Government

0.24%1.45%2.16%5.96%3.06%7.07%2.233Natural Resources, Mining and Construction

0.55%0.62%2.12%3.52%2.23%5.06%0.732Education and Health Services

0.98%2.17%2.64%4.75%2.25%3.39%1.039Professional and Business Services

0.56%1.42%0.03%-1.52%-0.86%-2.73%0.53Information

0.60%0.90%2.51%3.84%2.50%4.34%1.444Leisure and Hospitality

0.29%1.75%0.99%3.10%1.30%0.85%1.112Other Services

Total Employment 280 1.0 3.07% 1.55% 3.42% 1.45% 1.48% 0.55%Source: Oxford Economics

LQ = Location Quotient


Page 16

EconomyFort Myers Retail

Source: Oxford Economics

YEAR OVER YEAR JOB GROWTH

DEMOGRAPHIC TRENDS

Current ChangeCurrent Level

Metro U.S.Metro U.S.Demographic Category

10-Year Change

Metro U.S. Metro U.S.

Forecast Change (5 Yrs)

Population 329,205,281768,702 2.1% 0.6% 2.3% 0.7% 2.2% 0.7%

Households 121,233,594276,086 2.0% 0.5% 1.8% 0.6% 2.1% 0.6%

Median Household Income $63,698$56,961 3.5% 3.3% 1.8% 2.2% 4.0% 4.4%

Labor Force 163,392,641349,100 1.7% 0.9% 2.3% 0.6% 1.6% 0.6%

Unemployment 3.6%3.0% -0.3% -0.3% -1.0% -0.6% - -


POPULATION GROWTH


LABOR FORCE GROWTH INCOME GROWTH


Page 17

SubmarketsFort Myers Retail

FORT MYERS SUBMARKETS


Page 18

SubmarketsFort Myers Retail

SUBMARKET INVENTORY

12 Month Deliveries Under Construction

Bldgs SF (000) Percent Rank

Inventory

Bldgs SF (000) Percent RankBldgs SF (000) % Market RankSubmarketNo.

1 Bonita Springs 3,803 8.0% 5 1 7 0.2% 5294 1 12 0.3% 5

2 Cape Coral 9,338 19.7% 2 6 74 0.8% 1809 12 119 1.3% 2

3 City of Ft Myers 8,083 17.1% 3 2 9 0.1% 3794 6 25 0.3% 4

4 Estero 3,958 8.4% 4 1 8 0.2% 4150 5 44 1.1% 3

5 Lehigh 1,653 3.5% 7 2 7 0.4% 6146 2 9 0.5% 6

6 North Ft Myers 1,991 4.2% 6 0 - - -178 0 0 0% -

7 S Ft Myers/San Carlos 17,316 36.5% 1 6 72 0.4% 21,022 9 172 1.0% 1

8 The Islands 1,254 2.6% 8 0 - - -182 0 0 0% -

SUBMARKET RENT

Growth

Market Rent

Per SFSubmarketNo.

12 Month Market Rent QTD Annualized Market Rent

RankRank GrowthRank

1 Bonita Springs 0.2%4 1.0% 1$16.69 6

2 Cape Coral 0.4%5 0.9% 2$16.05 4

3 City of Ft Myers 0.5%7 0.8% 3$15.49 3

4 Estero 1.6%2 -3.9% 8$21.27 1

5 Lehigh 0.1%6 0.3% 5$15.61 7

6 North Ft Myers -10.6%8 -0.1% 6$11.44 8

7 S Ft Myers/San Carlos 1.4%3 0.3% 4$17.50 2

8 The Islands 0.3%1 -0.3% 7$21.43 5

SUBMARKET VACANCY & NET ABSORPTION

12 Month Net Absorption

Rank Construct. Ratio

Vacancy

SF % of InvSF PercentSubmarketNo. Rank

1 Bonita Springs 330,059 8.7% 0.914,238 0.4% 67

2 Cape Coral 401,534 4.3% 0.5202,541 2.2% 25

3 City of Ft Myers 285,839 3.5% 0.828,456 0.4% 44

4 Estero 409,332 10.3% -(143,068) -3.6% 88

5 Lehigh 38,930 2.4% 0.514,673 0.9% 52

6 North Ft Myers 64,701 3.2% -249,429 12.5% 13

7 S Ft Myers/San Carlos 795,036 4.6% 1.499,155 0.6% 36

8 The Islands 21,803 1.7% -(10,513) -0.8% 71


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Supply & Demand TrendsFort Myers Retail

OVERALL SUPPLY & DEMAND

Net AbsorptionInventory

% of Inv Construction RatioSF SF Growth % Growth SFYear

2023 353,387 0.7% 1.0%478,029 0.748,665,894

2022 330,015 0.7% 1.0%476,776 0.748,312,507

2021 284,459 0.6% 0.9%431,254 0.747,982,492

2020 142,677 0.3% 0.9%419,141 0.347,698,033

2019 285,771 0.6% 0.6%262,176 1.147,555,356

YTD 180,568 0.4% 0.3%124,936 1.447,450,153

2018 378,751 0.8% 0.6%283,366 1.347,269,585

2017 382,942 0.8% 1.5%684,163 0.646,890,834

2016 346,345 0.8% 1.2%571,456 0.646,507,892

2015 397,915 0.9% 1.8%828,955 0.546,161,547

2014 390,954 0.9% 1.1%495,996 0.845,763,632

2013 204,190 0.5% 1.3%573,313 0.445,372,678

2012 400,515 0.9% 0.9%428,761 0.945,168,488

2011 150,941 0.3% 1.0%453,685 0.344,767,973

2010 219,523 0.5% 0.9%414,967 0.544,617,032

2009 524,453 1.2% -1.9%(836,797) -44,397,509

2008 2,191,051 5.3% 2.4%1,053,784 2.143,873,056

2007 2,297,219 5.8% 4.3%1,781,334 1.341,682,005

MALLS SUPPLY & DEMAND



2023 6,106 0.1% 0.4%18,179 0.35,120,234

2022 5,694 0.1% 0.4%18,917 0.35,114,128

2021 4,912 0.1% 0.4%18,488 0.35,108,434

2020 1,231 0% 0.4%22,483 0.15,103,522

2019 14,911 0.3% -0.6%(33,107) -5,102,291

YTD 15,000 0.3% -0.8%(42,124) -5,102,380

2018 50,279 1.0% -0.4%(18,662) -5,087,380

2017 1,900 0% 1.7%86,131 05,037,101

2016 2,400 0% 0.6%31,608 0.15,035,201

2015 0 0% -0.2%(9,316) -5,032,801

2014 0 0% -1.1%(53,323) -5,032,801

2013 0 0% 0.3%15,402 05,032,801

2012 0 0% 0%(271) -5,032,801

2011 1,906 0% -0.1%(5,551) -5,032,801

2010 0 0% 0.1%6,847 05,030,895

2009 0 0% 0.8%38,819 05,030,895

2008 136,847 2.8% 2.8%142,701 1.05,030,895

2007 163,410 3.5% 3.0%146,913 1.14,894,048


Page 20


POWER CENTER SUPPLY & DEMAND



2023 15,505 0.6% 0.7%18,488 0.82,580,049

2022 14,487 0.6% 0.8%19,440 0.72,564,544

2021 12,486 0.5% 0.7%18,030 0.72,550,057

2020 3,290 0.1% 0.9%22,909 0.12,537,571

2019 22,111 0.9% 0.7%18,914 1.22,534,281

YTD 0 0% 0%(192) -2,512,170

2018 0 0% 0.7%17,550 02,512,170

2017 47,900 1.9% 3.8%95,224 0.52,512,170

2016 16,116 0.7% -1.8%(43,295) -2,464,270

2015 79,367 3.4% 3.6%89,314 0.92,448,154

2014 6,824 0.3% 1.0%24,106 0.32,368,787

2013 0 0% 3.1%73,611 02,361,963

2012 0 0% -1.2%(28,182) -2,361,963

2011 0 0% 2.3%53,726 02,361,963

2010 0 0% -1.0%(23,216) -2,361,963

2009 8,500 0.4% -2.4%(56,922) -2,361,963

2008 1,037,695 78.9% 40.2%945,042 1.12,353,463

2007 323,304 32.6% 25.9%340,543 0.91,315,768

NEIGHBORHOOD CENTER SUPPLY & DEMAND



2023 112,066 0.7% 1.0%162,613 0.716,249,880

2022 104,653 0.7% 1.1%177,761 0.616,137,814

2021 90,177 0.6% 1.1%170,801 0.516,033,161

2020 23,673 0.1% 0.9%138,268 0.215,942,984

2019 21,667 0.1% 0.7%111,418 0.215,919,311

YTD 0 0% 0.5%75,933 015,897,644

2018 182,748 1.2% 1.2%184,579 1.015,897,644

2017 6,500 0% 1.4%218,650 015,714,896

2016 79,513 0.5% 1.3%203,268 0.415,708,396

2015 0 0% 0.9%132,939 015,628,883

2014 151,227 1.0% 1.4%220,818 0.715,628,883

2013 0 0% 0.4%64,017 015,477,656

2012 280,780 1.8% 2.0%311,681 0.915,477,656

2011 11,449 0.1% 1.0%153,908 0.115,196,876

2010 39,254 0.3% 1.5%227,475 0.215,185,427

2009 312,300 2.1% -4.3%(655,480) -15,146,173

2008 564,654 4.0% 0.6%86,410 6.514,833,873

2007 1,195,439 9.1% 6.2%888,420 1.314,269,219


Page 21


STRIP CENTER SUPPLY & DEMAND



2023 22,340 0.5% 0.9%40,124 0.64,433,764

2022 20,866 0.5% 0.9%40,413 0.54,411,424

2021 17,960 0.4% 0.9%37,449 0.54,390,558

2020 10,023 0.2% 0.9%39,168 0.34,372,598

2019 32,884 0.8% 1.5%65,167 0.54,362,575

YTD 33,125 0.8% 1.3%54,924 0.64,362,816

2018 0 0% -0.7%(31,495) -4,329,691

2017 27,545 0.6% 1.1%48,608 0.64,329,691

2016 27,500 0.6% 2.4%103,536 0.34,302,146

2015 42,888 1.0% 2.2%92,439 0.54,274,646

2014 0 0% 1.5%62,704 04,231,758

2013 11,710 0.3% 2.6%108,197 0.14,231,758

2012 0 0% -0.2%(10,115) -4,220,048

2011 34,917 0.8% 2.0%84,542 0.44,220,048

2010 8,401 0.2% 0.6%25,670 0.34,185,131

2009 63,692 1.5% -2.3%(94,287) -4,176,730

2008 114,125 2.9% -2.4%(97,223) -4,113,038

2007 190,631 5.0% 1.4%54,859 3.53,998,913

GENERAL RETAIL SUPPLY & DEMAND



2023 194,609 1.0% 1.2%233,894 0.819,988,209

2022 181,742 0.9% 1.1%215,577 0.819,793,600

2021 156,723 0.8% 0.9%182,569 0.919,611,858

2020 103,962 0.5% 1.0%193,403 0.519,455,135

2019 194,274 1.0% 0.6%116,905 1.719,351,173

YTD 132,443 0.7% 0.3%53,975 2.519,289,342

2018 138,224 0.7% 0.6%119,490 1.219,156,899

2017 233,399 1.2% 0.9%180,050 1.319,018,675

2016 220,816 1.2% 1.5%276,339 0.818,785,276

2015 275,660 1.5% 2.8%523,579 0.518,564,460

2014 232,903 1.3% 1.3%241,691 1.018,288,800

2013 192,480 1.1% 1.7%312,086 0.618,055,897

2012 119,735 0.7% 0.9%155,648 0.817,863,417

2011 102,669 0.6% 0.9%167,060 0.617,743,682

2010 171,868 1.0% 1.0%178,191 1.017,641,013

2009 139,961 0.8% -0.4%(68,927) -17,469,145

2008 337,730 2.0% -0.2%(27,287) -17,329,184

2007 424,435 2.6% 2.1%354,740 1.216,991,454


Page 22


OTHER SUPPLY & DEMAND



2023 2,761 0.9% 1.6%4,731 0.6293,758

2022 2,573 0.9% 1.6%4,668 0.6290,997

2021 2,201 0.8% 1.4%3,917 0.6288,424

2020 498 0.2% 1.0%2,910 0.2286,223

2019 (76) 0% -6.0%(17,121) -285,725

YTD 0 0% -6.2%(17,580) -285,801

2018 7,500 2.7% 4.2%11,904 0.6285,801

2017 65,698 30.9% 19.9%55,500 1.2278,301

2016 0 0% -- -212,603

2015 0 0% -- -212,603

2014 0 0% -- -212,603

2013 0 0% -- -212,603

2012 0 0% -- -212,603

2011 0 0% -- -212,603

2010 0 0% -- -212,603

2009 0 0% -- -212,603

2008 0 0% 1.9%4,141 0212,603

2007 0 0% -1.9%(4,141) -212,603


Page 23

Rent & VacancyFort Myers Retail

OVERALL RENT & VACANCY

Market Rent

Per SF Index % Growth Vs Hist PeakYear

Vacancy

SF Percent Ppts Chg

2023 102 0.2% 0.1%$16.96 1,606,089 3.3% -0.3%

2022 102 0.1% -0.1%$16.93 1,737,759 3.6% -0.3%

2021 102 0% -0.2%$16.91 1,891,449 3.9% -0.3%

2020 102 0% -0.2%$16.91 2,045,057 4.3% -0.6%

2019 102 -0.2% -0.2%$16.92 2,321,561 4.9% 0%

YTD 102 -0.3% -0.3%$16.90 2,347,234 4.9% 0.1%

2018 102 2.1% 0%$16.95 2,291,602 4.8% 0.2%

2017 100 2.3% -2.0%$16.61 2,196,217 4.7% -0.7%

2016 98 1.6% -4.2%$16.24 2,497,438 5.4% -0.5%

2015 96 2.6% -5.7%$15.99 2,722,549 5.9% -1.0%

2014 94 2.0% -8.1%$15.59 3,153,589 6.9% -0.3%

2013 92 0.7% -9.8%$15.28 3,258,631 7.2% -0.8%

2012 91 0.6% -10.5%$15.17 3,627,754 8.0% -0.1%

2011 91 -1.0% -11.0%$15.08 3,656,000 8.2% -0.7%

2010 92 -3.8% -10.2%$15.23 3,958,744 8.9% -0.5%

2009 95 -4.8% -6.6%$15.83 4,154,188 9.4% 3.0%

2008 100 -1.6% -2.0%$16.62 2,792,938 6.4% 2.4%

2007 102 1.3% -0.3%$16.89 1,655,671 4.0% 1.1%

MALLS RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 96 0.2% -7.6%$20.36 70,355 1.4% -0.2%

2022 95 0% -7.8%$20.31 82,602 1.6% -0.3%

2021 95 -0.5% -7.8%$20.32 96,022 1.9% -0.3%

2020 96 -1.7% -7.3%$20.43 109,723 2.1% -0.4%

2019 98 -5.7% -5.7%$20.79 130,984 2.6% 0.9%

YTD 99 -4.2% -4.2%$21.10 140,087 2.7% 1.1%

2018 103 1.0% 0%$22.04 82,963 1.6% 1.4%

2017 102 0.6% -1.0%$21.82 14,022 0.3% -1.7%

2016 102 0% -1.6%$21.68 98,253 2.0% -0.6%

2015 102 2.7% -1.6%$21.68 127,461 2.5% 0.2%

2014 99 1.1% -4.2%$21.10 118,145 2.3% 1.1%

2013 98 0.5% -5.3%$20.87 64,822 1.3% -0.3%

2012 98 2.2% -5.7%$20.78 80,224 1.6% 0%

2011 95 1.8% -7.7%$20.34 79,953 1.6% 0.1%

2010 94 -3.1% -9.3%$19.98 72,496 1.4% -0.1%

2009 97 -3.2% -6.4%$20.63 79,343 1.6% -0.8%

2008 100 0.6% -3.3%$21.31 118,162 2.3% -0.2%

2007 99 2.4% -3.9%$21.18 124,016 2.5% 0.3%


Page 24


POWER CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 114 0.4% 4.5%$22.56 25,174 1.0% -0.1%

2022 113 0.4% 4.1%$22.47 28,247 1.1% -0.2%

2021 113 0.6% 3.7%$22.37 33,262 1.3% -0.2%

2020 112 1.1% 3.1%$22.25 38,914 1.5% -0.8%

2019 111 2.0% 2.0%$22.01 58,525 2.3% 0.1%

YTD 110 1.1% 1.1%$21.81 55,515 2.2% 0%

2018 109 3.8% 0%$21.58 55,323 2.2% -0.7%

2017 105 3.4% -3.6%$20.80 72,873 2.9% -2.0%

2016 101 3.4% -6.8%$20.12 120,197 4.9% 2.4%

2015 98 3.9% -9.8%$19.46 60,786 2.5% -0.5%

2014 94 3.5% -13.2%$18.73 70,733 3.0% -0.7%

2013 91 0.7% -16.1%$18.10 88,015 3.7% -3.1%

2012 90 0.3% -16.7%$17.97 161,626 6.8% 1.2%

2011 90 -1.3% -17.0%$17.91 133,444 5.6% -2.3%

2010 91 -2.7% -15.9%$18.15 187,170 7.9% 1.0%

2009 94 -6.1% -13.5%$18.66 163,954 6.9% 2.8%

2008 100 -2.8% -7.9%$19.87 98,532 4.2% 3.7%

2007 103 1.4% -5.3%$20.44 5,879 0.4% -1.9%

NEIGHBORHOOD CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 106 0.1% 2.6%$16.76 879,427 5.4% -0.4%

2022 106 0.1% 2.5%$16.74 930,843 5.8% -0.5%

2021 106 0.2% 2.4%$16.72 1,004,777 6.3% -0.5%

2020 106 0.6% 2.2%$16.68 1,086,188 6.8% -0.7%

2019 105 1.6% 1.6%$16.58 1,200,852 7.5% -0.6%

YTD 104 0.9% 0.9%$16.47 1,214,571 7.6% -0.5%

2018 104 2.9% 0%$16.33 1,290,504 8.1% -0.1%

2017 101 2.6% -2.8%$15.87 1,292,335 8.2% -1.4%

2016 98 2.2% -5.2%$15.47 1,504,485 9.6% -0.8%

2015 96 2.8% -7.3%$15.13 1,628,240 10.4% -0.9%

2014 93 2.4% -9.8%$14.73 1,761,179 11.3% -0.6%

2013 91 1.0% -11.9%$14.38 1,830,770 11.8% -0.4%

2012 90 0.1% -12.8%$14.24 1,894,787 12.2% -0.4%

2011 90 -1.2% -12.9%$14.22 1,925,688 12.7% -0.9%

2010 91 -4.0% -11.8%$14.40 2,068,147 13.6% -1.3%

2009 95 -4.9% -8.2%$14.99 2,256,368 14.9% 6.2%

2008 100 -2.3% -3.4%$15.77 1,288,588 8.7% 3.0%

2007 102 1.2% -1.2%$16.14 810,344 5.7% 1.8%


Page 25


STRIP CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 100 0.1% -2.3%$14.89 183,592 4.1% -0.4%

2022 100 0.1% -2.4%$14.87 202,193 4.6% -0.5%

2021 100 0% -2.5%$14.86 222,549 5.1% -0.5%

2020 100 0.1% -2.5%$14.86 242,779 5.6% -0.7%

2019 100 0.4% -2.6%$14.84 271,876 6.2% -0.8%

YTD 100 0.2% -2.8%$14.81 282,338 6.5% -0.6%

2018 100 2.2% -3.0%$14.78 304,137 7.0% 0.7%

2017 97 2.7% -5.1%$14.46 272,642 6.3% -0.5%

2016 95 1.6% -7.6%$14.08 293,705 6.8% -1.8%

2015 93 2.5% -9.0%$13.86 369,741 8.6% -1.3%

2014 91 1.9% -11.3%$13.52 419,292 9.9% -1.5%

2013 89 0.5% -12.9%$13.28 481,996 11.4% -2.3%

2012 89 0.1% -13.3%$13.21 578,483 13.7% 0.2%

2011 89 -1.8% -13.4%$13.20 568,368 13.5% -1.3%

2010 91 -4.2% -11.7%$13.45 617,993 14.8% -0.4%

2009 94 -5.5% -7.9%$14.03 635,262 15.2% 3.6%

2008 100 -2.5% -2.5%$14.86 477,283 11.6% 5.0%

2007 103 0.9% 0%$15.24 265,935 6.7% 3.2%

GENERAL RETAIL RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 99 0.2% -2.1%$15.93 432,941 2.2% -0.2%

2022 99 0.1% -2.3%$15.90 477,285 2.4% -0.2%

2021 99 0% -2.4%$15.88 516,137 2.6% -0.2%

2020 99 -0.2% -2.3%$15.89 547,018 2.8% -0.5%

2019 99 -0.3% -2.1%$15.93 636,483 3.3% 0.4%

YTD 99 -0.2% -2.0%$15.94 631,349 3.3% 0.4%

2018 100 1.4% -1.8%$15.97 552,881 2.9% 0.1%

2017 98 2.3% -3.2%$15.75 534,147 2.8% 0.2%

2016 96 1.3% -5.4%$15.39 480,798 2.6% -0.3%

2015 95 2.1% -6.7%$15.19 536,321 2.9% -1.4%

2014 93 1.7% -8.6%$14.87 784,240 4.3% -0.1%

2013 91 0.7% -10.2%$14.62 793,028 4.4% -0.7%

2012 91 0.5% -10.8%$14.52 912,634 5.1% -0.2%

2011 90 -1.5% -11.2%$14.45 948,547 5.3% -0.4%

2010 91 -3.9% -9.9%$14.67 1,012,938 5.7% -0.1%

2009 95 -4.8% -6.2%$15.26 1,019,261 5.8% 1.2%

2008 100 -1.5% -1.5%$16.03 810,373 4.7% 2.1%

2007 102 1.2% 0%$16.27 445,356 2.6% 0.4%


Page 26


OTHER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 111 0.1% 2.3%$20.03 14,600 5.0% -0.7%

2022 111 0% 2.2%$20.02 16,589 5.7% -0.8%

2021 110 0.2% 2.2%$20.01 18,702 6.5% -0.7%

2020 110 0.6% 2.0%$19.98 20,435 7.1% -0.9%

2019 110 1.4% 1.4%$19.86 22,841 8.0% 6.0%

YTD 109 0.7% 0.7%$19.72 23,374 8.2% 6.2%

2018 108 3.4% 0%$19.58 5,794 2.0% -1.6%

2017 105 3.2% -3.3%$18.94 10,198 3.7% 3.7%

2016 101 3.0% -6.2%$18.36 0 0% 0%

2015 98 3.9% -9.0%$17.83 0 0% 0%

2014 95 3.2% -12.4%$17.16 0 0% 0%

2013 92 1.6% -15.1%$16.63 0 0% 0%

2012 90 0.4% -16.4%$16.37 0 0% 0%

2011 90 -1.4% -16.7%$16.31 0 0% 0%

2010 91 -3.1% -15.5%$16.54 0 0% 0%

2009 94 -5.7% -12.8%$17.07 0 0% 0%

2008 100 -2.7% -7.5%$18.11 0 0% -1.9%

2007 103 1.1% -5.0%$18.61 4,141 1.9% 1.9%


Page 27

Sale TrendsFort Myers Retail

OVERALL SALESCompleted Transactions (1)

Turnover Avg Price/SFDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate

2023 -- - -- 131- $178.97 7.3%

2022 -- - -- 132- $179.53 7.2%

2021 -- - -- 133- $181.10 7.1%

2020 -- - -- 133- $181.47 7.1%

2019 -- - -- 131- $178.80 7.1%

YTD $206.1 M104 2.4% $230.25$2,777,675 1317.3% $178.24 7.1%

2018 $364.2 M212 4.3% $199.63$2,117,078 1276.9% $173.51 7.1%

2017 $289.7 M209 5.1% $168.42$1,907,750 1257.2% $170.91 7.1%

2016 $319.1 M183 4.1% $176.80$2,098,112 1196.9% $161.94 7.2%

2015 $327.9 M219 5.7% $152.27$1,850,101 1147.3% $155.89 7.3%

2014 $345.0 M230 6.6% $150.73$2,012,008 1077.6% $145.91 7.5%

2013 $191.8 M184 4.9% $113.74$1,450,620 957.2% $129.50 7.9%

2012 $138.1 M180 4.1% $92.62$1,202,916 948.2% $128.68 7.9%

2011 $212.7 M151 5.3% $123.13$1,777,254 887.9% $119.45 8.3%

2010 $120.4 M79 2.5% $107.02$1,678,330 868.1% $116.67 8.4%

2009 $50.3 M68 1.3% $110.46$939,844 847.4% $114.66 8.5%

2008 $130.7 M72 1.9% $180.20$2,322,133 1007.6% $136.31 7.7%(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

MALLS SALESCompleted Transactions (1)




2023 -- - -- 114- $171.49 7.0%

2022 -- - -- 114- $172.12 6.9%

2021 -- - -- 115- $173.81 6.8%

2020 -- - -- 116- $175.22 6.8%

2019 -- - -- 117- $175.94 6.8%

YTD $6.3 M1 0.3% $420.00$6,300,000 1186.5% $178.34 6.8%

2018 $5.8 M2 0.1% $903.91$2,892,500 1135.6% $170.48 6.9%

2017 $1.5 M1 0.1% $227.51$1,500,000 112- $168.41 6.9%

2016 -- - -- 105- $158.07 7.0%

2015 $0 M2 3.5% -- 1006.7% $150.11 7.1%

2014 -- - -- 94- $141.27 7.3%

2013 $2.4 M1 0.1% $533.44$2,400,500 837.0% $125.18 7.7%

2012 $0.3 M1 0% $165.89- 86- $129.95 7.6%

2011 $0 M3 1.3% -- 86- $129.65 7.8%

2010 -- - -- 85- $128.12 7.9%

2009 -- - -- 84- $126.26 8.0%

2008 -- - -- 100- $150.69 7.2%(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.


Page 28


POWER CENTER SALESCompleted Transactions (1)




2023 -- - -- 137- $160.98 7.1%

2022 -- - -- 137- $161.19 7.1%

2021 -- - -- 138- $162.24 7.0%

2020 -- - -- 138- $161.79 6.9%

2019 -- - -- 134- $157.66 6.9%

YTD -- - -- 132- $155.72 6.9%

2018 $14.6 M3 1.6% $367.50$4,855,000 1296.7% $152.18 6.9%

2017 $2.5 M1 0.2% $489.96$2,516,441 124- $145.90 7.0%

2016 -- - -- 115- $134.76 7.2%

2015 -- - -- 112- $131.55 7.2%

2014 $66.4 M9 24.7% $291.61$13,283,188 1066.4% $125.00 7.4%

2013 $25.9 M6 5.3% $226.83$5,180,000 957.6% $111.46 7.8%

2012 -- - -- 94- $110.92 7.8%

2011 $0 M2 7.9% -- 877.9% $102.13 8.1%

2010 $27.6 M3 19.5% $60.05$9,200,000 877.7% $102.51 8.1%

2009 -- - -- 84- $98.87 8.3%


NEIGHBORHOOD CENTER SALESCompleted Transactions (1)




2023 -- - -- 134- $145.54 7.4%

2022 -- - -- 134- $146.09 7.3%

2021 -- - -- 136- $147.28 7.2%

2020 -- - -- 136- $147.23 7.1%

2019 -- - -- 133- $144.06 7.2%

YTD $47.9 M18 3.4% $143.20$6,846,679 1318.2% $142.65 7.1%

2018 $113.2 M20 4.1% $176.12$6,287,359 1277.6% $137.89 7.3%

2017 $80.1 M35 7.4% $108.75$4,003,887 1237.4% $134.05 7.3%

2016 $104.6 M25 4.0% $165.41$5,144,324 1167.4% $125.67 7.4%

2015 $132.8 M28 7.7% $128.57$6,985,422 1116.8% $120.96 7.5%

2014 $125.8 M29 7.6% $119.03$5,455,201 1047.4% $113.21 7.7%

2013 $37.3 M29 5.8% $61.96$2,333,533 927.2% $99.82 8.2%

2012 $54.8 M27 6.7% $65.81$3,199,350 929.9% $100.48 8.1%

2011 $72.7 M24 7.4% $86.18$4,034,944 878.4% $94.09 8.5%

2010 $30.8 M10 1.6% $128.01$3,079,315 868.2% $93.12 8.6%

2009 $20.7 M8 1.9% $100.49$3,444,213 846.8% $91.13 8.7%

2008 $42.2 M13 2.7% $136.12$3,836,799 100- $108.63 7.9%(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.


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STRIP CENTER SALESCompleted Transactions (1)




2023 -- - -- 131- $164.45 7.5%

2022 -- - -- 131- $165.02 7.5%

2021 -- - -- 132- $166.41 7.4%

2020 -- - -- 132- $166.63 7.3%

2019 -- - -- 130- $163.85 7.3%

YTD $14.3 M10 2.3% $197.74$2,755,540 1296.0% $162.91 7.3%

2018 $32.3 M28 7.7% $131.33$1,758,213 1267.4% $158.30 7.4%

2017 $21.8 M26 6.7% $106.33$1,391,680 1258.3% $157.81 7.3%

2016 $29.0 M22 6.0% $112.43$1,431,025 1197.4% $150.31 7.4%

2015 $39.2 M33 7.3% $146.64$1,464,303 1158.6% $144.51 7.5%

2014 $10.3 M25 5.2% $56.38$515,821 10810.4% $136.27 7.7%

2013 $12.0 M21 4.9% $93.98$1,321,996 977.9% $121.98 8.0%

2012 $6.4 M44 5.1% $56.00$521,518 958.8% $120.06 8.1%

2011 $10.1 M14 3.2% $116.81$985,525 877.3% $109.52 8.5%

2010 $10.2 M6 2.6% $94.79$1,907,291 85- $106.59 8.7%

2009 $3.4 M13 1.4% $69.69$584,400 849.6% $105.63 8.7%


GENERAL RETAIL SALESCompleted Transactions (1)




2023 -- - -- 134- $214.07 7.2%

2022 -- - -- 134- $214.66 7.2%

2021 -- - -- 135- $216.61 7.1%

2020 -- - -- 136- $217.18 7.0%

2019 -- - -- 134- $214.28 7.1%

YTD $137.6 M75 2.7% $290.74$2,246,097 1346.9% $213.90 7.0%

2018 $181.8 M156 4.8% $220.71$1,420,079 1316.7% $209.87 7.1%

2017 $183.8 M146 4.8% $239.64$1,606,148 1306.7% $208.19 7.0%

2016 $159.5 M131 4.2% $225.73$1,502,905 1246.6% $199.03 7.1%

2015 $155.8 M156 5.1% $182.72$1,181,855 1207.3% $191.96 7.2%

2014 $142.5 M167 5.8% $173.49$1,153,263 1127.4% $179.00 7.4%

2013 $114.1 M127 5.5% $136.36$1,128,187 997.0% $159.15 7.8%

2012 $76.5 M108 3.4% $141.34$891,810 976.8% $155.87 7.9%

2011 $129.9 M108 4.8% $162.92$1,417,682 897.4% $142.22 8.3%

2010 $51.8 M60 1.8% $163.34$966,638 868.2% $137.23 8.4%

2009 $26.2 M47 1.2% $130.48$624,392 846.7% $135.13 8.5%



Page 30


OTHER SALESCompleted Transactions (1)




2023 -- - -- 138- $167.26 6.9%

2022 -- - -- 138- $167.85 6.9%

2021 -- - -- 139- $169.45 6.8%

2020 -- - -- 139- $169.58 6.7%

2019 -- - -- 137- $166.04 6.7%

YTD -- - -- 135- $164.54 6.7%

2018 $16.5 M3 23.0% $251.15$5,500,000 130- $158.31 6.8%

2017 -- - -- 126- $153.26 6.8%

2016 $26.0 M5 97.8% $125.03$5,200,000 1207.0% $145.46 6.9%

2015 -- - -- 114- $138.78 7.0%

2014 -- - -- 107- $130.08 7.3%

2013 -- - -- 96- $116.25 7.6%

2012 -- - -- 94- $114.82 7.7%

2011 -- - -- 87- $105.31 8.0%

2010 -- - -- 86- $104.02 8.1%

2009 -- - -- 84- $102.20 8.2%

2008 -- - -- 100- $121.59 7.4%(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.


Page 31

fort myers market - loopnet...market 47,450,153 4.9% $16.90 6.6% 271,848 8,500 176,753 forecast...

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