Tallahassee's Elite Come Together for a Commercial Real Estate Forecast

TALLAHASSEE, Fla., March 16, 2020 /PRNewswire/ -- NAI TALCOR, a member of the world's premier managed network of commercial real estate firms, is excited about the success of their inaugural Commercial Real Estate Market Update. Held on Monday, March 9, 2020 at the Turnbull Conference Center and presented by NAI TALCOR, the event welcomed over 300 attendees and showcased a variety of information that affect commercial real estate in Tallahassee.

MC'ed by NAI TALCOR Director, President and Broker E. Edward Murray, Jr., SIOR, CCIM with a number of Advisors joining him onstage, topics discussed included industrial, office, retail, multi-family, student housing, hotels, investments, and what Murray lovingly referred to as the "Silver Tsunami" of Assisted Living and Memory Care facilities.

The presentation covered subjects such as the 18.88% increase in hotels in the area since 2018, the four main retail "hot zones" in Tallahassee where $30/SF rent is achievable, and the migration of state employees to the Centre of Tallahassee and the Russell Development. Additionally, the low industrial vacancy and lack of large distribution centers in our market have created a very tight warehouse market. With high construction costs, the rents are expected to rise. Also included and discussed was the opportunity that investors have with our stable local economy. Murray also welcomed Patrick Jones, a Principal at the NAI TALCOR West Florida office, to discuss Hurricane Michael and the storm's effect on the Panama City Beach market and its resurgence.

"Tallahassee's downtown office market has seen over 100,000 square feet of office space either newly developed or being developed," Murray said. "However, our office professionals expect this trend to happen every 10 years."

Future projects and developments were also discussed including the addition of an Embassy Suites near the Stadium Enclave (a student housing development), dozens of restaurants soon to join the area, and both REI and World of Beer­­­­­­­­ who are currently in the permitting process.

"We created the Commercial Real Estate Market Update as a way to connect and educate the community on the current landscape of Tallahassee. We're excited with how well attended and received it was," Murray said.

NAI TALCOR plans to host this event annually and is already looking ahead for ways to grow and improve the conference. Those interested in attending next year's event are encouraged to connect with NAI TALCOR directly at cremarketupdate@talcor.com.

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SOURCE NAI TALCOR

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