Behind the Stats

Despite increases in the local population, the month to month Unemployment Rate for SWFL remained unchanged in March 2023.

Relatively low unemployment rates suggest that local businesses are continuing to demand workers because business is doing well. Successful businesses are likely to continue to continue paying rent on their commercial leases, and possibly expand to new locations. Both activities maintain demand for commercial real estate and apply upward pressure on lease rates. 

By Laura Layden

Southwest Florida's unemployment remains low, despite Hurricane Ian's devastating blow.

In March – six months after the storm hit – the jobless rate stood at 2.8% in the five-county region.

The region had the same rate in March as it did in February – and a year ago.

That's according to the latest jobs report released Friday by the Florida Department of Economic Opportunity.



In spite of a brutal battering from Ian, Collier boasted the region's lowest unemployment rate in March – at 2.4%, down over the month and year.

Market Update - NAPLES INDUSTRIAL

The Naples industrial market is one of the smallest in Southwest Florida, with approximately 13.5 million SF of industrial product. It boasts one of the lowest vacancies in the region, at just 1.1%. Construction deliveries are elevated this year, as 960,000 SF has delivered in the past 12 months. However, much of that is the recent completion of shipping wholesaler Uline's 937,000-SF build-to-suit facility.

Naples is easily the most expensive industrial market in Southwest Florida, with an average asking rate of $15.40/SF. Asking rents continue to rise and are up 10.6% year over year as of the second quarter of 2023.

Investors have taken particular interest in Naples, with $91.7 million in total sales volume in the past 12 months. Activity has picked up so far in 2023, with nearly $20 million trading. The bulk of properties that trade in Naples sell for less than $5 million, and the average price per SF is $210.

FEATURED NEW LISTING

FOR LEASE

BUSINESS SPOTLIGHT

Over the last four year, Bryan Flores, Advisor at KOVA Commercial Group, has had the privilege to assist the Ruffgers Dog University finding their three campus locations across Florida.

Known as the premier dog indoor dog training and boarding facility; Ruffgers offers its furry friends and parents a welcoming atmosphere, providing well-balanced dog daycare and dog boarding programs.

Their training programs include agility, obedience, rally, scent, and of course the puppy classes. For more information about Ruffgers Dog University, please visit their website at Ruffgers.com or follow them on their social media accounts.

Visit Ruffgers Dog University at the following locations:

Bonita Springs | 16355 Vanderbilt Drive

Naples | 2348 Pineland Avenue

Stuart | 1310 SW Commerce Way

KOVA FOUNDATION

OUR MISSION

To inspire hope, enhance the quality of life, and contribute to health and well-being by providing resources to non-profit organizations that support individuals and families in need.

KOVA Foundation in partnership with Lee Health Regional Cancer Center, launched Emma’s Wish in 2022. Emma’s Wish helps grant a variety of wishes for breast cancer patients facing serious, life-threatening, or end-of-life illness. The application for Emma’s Wish can be found on Emma’s Wish page on leehealth.org.

This partnership between Lee Health Regional Cancer Center and the KOVA Foundation provides the patient and family a sense of normalcy – bringing joy and comfort while creating cherished memories.

KOVA Foundation further provides scholarships to patients seeking alcohol and addiction support at the Hazelden Betty Ford clinic.

You can learn more about our support at KOVAFoundation.org.

9130 Galleria Court | Suite 100 | Naples | FL 34109