Creative Village rendering on site of former Amway Center
demolished May 26, 2012
ORLANDO, FL --Prospects for the Orlando multifamily sector
continue to brighten as the local economy gathers momentum, building on the
progress rental housing made over the past two years behind an acceleration in
job growth, according to the second quarter report by Marcus & Millichap.
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| Amway Center, Orlando, FL Demolished May 12, 2012 |
The federal spending cuts that went into effect March 1 may
adversely affect defense-related industries in the metro, but other private
employment sectors will expand.
Leisure and hospitality posted solid growth over the past
year on record visitor volume, and hotel construction will increase in the
years ahead to provide additional employment opportunities for residents.
Several large-scale, job-generating developments in Downtown
Orlando are also advancing through the pipeline. Construction of the Creative
Village on the former site of Amway Arena is expected to begin this
year.
More than 1 million
square feet of commercial space is envisioned under the project’s master plan.
Meanwhile, rental housing demand is rising, though vacancy is moderating as a
new construction cycle begins.
One significant spurt of completions occurred in
the first quarter, and more moderate completions are slated in the second and
third quarter.
For a complete copy of the company’s news release, please
contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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