CRE Market Trends in Port St. Lucie, FL
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Port St. Lucie is an interesting community from a commercial real estate perspective. It’s 125 miles southeast of Orlando and 113 miles north of Miami, yet has its own rhythms and patterns outside of those two big cities. Still, as real estate prices continue to climb, it makes sense to get creative and dig into other markets.
Port St. Lucie moves at a slower pace, but there are still a few market trends worth exploring.
Big Plan Amendments Looming in Martin County
As Martin County is right next door, folks interested in exploring commercial real estate for sale in Port St. Lucie should pay attention to what the Martin County Commission is up to. The commission tentatively endorsed a plan amendment that would change the agricultural land-use designation.
It would add an amendment to allow for higher density, making way for local developer Becker Holding Co. to build 317 single-family homes as well as an 18-hole golf course in Hobe Sound.
Residents turned out to voice their opposition to the measure, saying that it would have grave consequences for the area. Some even went as far as to compare it to a Manifest Destiny opportunity, indicating the concern that developers would rush in to turn currently unused land into new commercial opportunities.
The commission voted 3-2 in favor of the amendment, and the changes were sent to the state Department of Economic Opportunity.
Key Takeaways: Community Support Can Impact Commercial Real Estate Initiatives
While Port St. Lucie and the surrounding area isn’t known for being a hub of activity, the reality is that residents aren’t afraid to speak up when they feel that development impacts their way of life. While the benefit to Becker Holding Co and its associates is obvious, the concerns on the other side aren’t to be overlooked either.
Perhaps the development plans on your vision board aren’t as grand, but that doesn’t mean that ignoring community sentiment is a good idea. Build up community support, connect with residents, and be open to hearing the vision that the residents have for the area.
The more you can align your commercial property goals with what residents are looking for, the more natural support you gain in the long run. It is unclear what market research Becker Holding conducted or their own community outreach measures looked like before the updated designation went up for a vote.
Development and Recreation Go Hand in Hand
Commercial property for sale in St. Lucie is two parts necessity and one part potential, in the sense that residents do still want access to amenities. Any aspect of CRE will carry its own set of risks, but providing services and property that serves the community is never out of season.
Even something as small as self-storage facilities can make an impact. As the world begins to truly embrace the post-pandemic era, more people are looking to get away from the big cities and have a slower pace of life. However, that doesn’t mean that they want to give up their ability to shop, relax, and enjoy more recreational activities.
Big Hotel Acquisitions in Port St. Lucie
Tourism and Florida beaches are pretty much a tale as old as time, but a multi-million hotel acquisition is still worth noticing. Befeler Group picked up a 93-room Holiday Inn Express & Suites for $8.9 million, complete with bedroom suites, pool, and fitness center.
It’s the location that deserves the most notice: it’s right off the I-95 east exit ramp and within a stone’s throw of the Town Center at St. Lucie West. This is the regional shopping center of the area, and this reveals a lot more about this acquisition than meets the eye.
Key Takeaways: Sleeping on Retail Opportunities Isn’t Wise
Travel and retail only sound like strange bedfellows to people that don’t study real estate transactions.
Much is made about local retail opportunities from residents, but the truth is that out-of-state travelers like to go shopping as well. Befeler Group mentioned that they are planning to drop three million into the property, and the property is already under professional management.
Even if a multi-million hotel scoop-up isn’t in reach right now, big deals like this are worth studying because they are a good insight into what the
Taking Advantage of the Market Trends of the Greater St. Lucie Area
Multiple options exist in terms of taking advantage of these commercial real estate trends. Below are a few considerations that are great starting points for deeper exploration later:
- Land. The blank canvas of land is pretty compelling. Hold it until a developer comes, or turn it into something that can be repurposed with ease later. As logistics routes and supply chain principles change to meet demand, new Florida land opportunities increase.
- Multifamily, with a few twists. Taking multi-family units and focusing on a traveling crowd isn’t a new concept, but it could be a winner in light of specialized travel, like when nurses take on new contracts. Providing safe housing that travel nurses can trust can open the floodgates for regular rentals with ease.
- Self-storage. While self-storage isn’t fully passive, it’s so easy to automate the overall processes that it comes pretty close.
Remember that these are just starting points: anything that focuses on recreation, agritourism, or convenience are all useful gateways within commercial real estate. There is no absolute right or wrong answer here.
The Road Ahead
New markets have always meant new opportunities. Whether those opportunities are accessible is a different question. However, the general position for CRE is that it’s better to explore possibilities than let opportunities just wither on the proverbial vine.
Managing risk is the name of the game. After all, nothing says that you can’t connect with someone that’s more local to the Port St. Lucie area. If you’re already the person that’s local in Port St. Lucie, then you’re even more ahead of the game.
There are plenty of commercial real estate enthusiasts that would value your insider knowledge. Making new connections for growth is always better than closing yourself off to the potential.
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