Southwest Florida may see some ‘correction’ but market still performing ‘quite well,’ industry leaders say
A view of the immediate future in Southwest Florida’s business world was akin to a cowboy easing back on the reins.
But there’s optimism that a guns blazing streak from 2010 onward will continue, albeit at a slower pace in some sectors, that a healthy business future is in the cards, experts at a Fort Myers forum agreed at The Next Big Thing: Market Trends of Southwest Florida 2025.
The ticketed event held March 20 at the Caloosa Sound Convention Center in the downtown district, a summary and forecast of Southwest Florida’s marketplace, placed three experts before trade professionals and chamber executives seeking answers … and inspiration.
The 1,300 or so person turnout was a record for the sold-out event.
Justin Thibaut, president and CEO of LSI Companies, covered new home sales and development, Denny Grimes, president of Denny Grimes & Team at Keller Williams Realty, shared his views on residential real estate and a possible movement in new housing, and Matt Simmons, managing partner of Maxwell, Hendry & Simmons, presented updates on commercial real estate. Each had 30 minutes to summarize 2024, to look at the possible risks and opportunities for this year.
Interest rates, the impact of hurricanes and rising insurance, COVID, tariffs and a slipping state population were among the themes.
But the bigger message was the region’s endurance, bridging uncertainty as new trends and deals unfolded, such as the record sale of a mineral mine in Lee County ($620 million) and other Lee County land purchased for an automated warehouse by the online giant Amazon for a reported $66 million, for instance.
There are infill developments along existing business districts, new and modern housing arising in communities such as Lehigh, possibly smaller homes with fewer goodies such as garages, other land sales for tract housing, warehousing and medical offices that will drive Southwest Florida’s economy forward, experts at the Market Trends event said.
Yet, even with talk of statewide property tax rollbacks and Florida’s forever sunshine optimism, there was some anxiety that higher interest rates and skyrocketing insurance will chill momentum.
“(A market) correction is the answer,” said Grimes, the longtime investor and real estate guru in previewing his remarks before taking the stage, which was backdropped by giant cinema screens in a zip-along format.
Presenters each spoke for about 30 minutes, laced their talks with humor, facts and crisp visuals.
Thibaut and Simmons, both acknowledged in their fields, noted that some investors await the outcome of a fuzzy world economy and a full recovery from Hurricane Ian.
“We are tourism,” Thibaut said, commenting on the dispute over high-rise housing permits on Captiva Island, for example. “(Are we) holding on or letting go? There are billions of dollars on the sideline.”
Other highlights from the event included a push in light industrial and warehousing along Interstate 75 and U.S. 41, at Punta Gorda Airport and at Southwest Florida International Airport, a surge in apartments from Collier to Sarasota counties, high occupancy in retail, medical and office buildings, Cape Coral’s ongoing growth in most sectors and many other pockets where entrepreneurs want land and people want to live.
“We’re performing quite well as a market, right now,” Simmons said. “The question is are you ready?”
The Next Big Thing: Market Trends 2025 was arranged by Priority Marketing. Sponsors and business chambers funded the event.