Daytona Commercial Real Estate — What’s Driving the Market?

Lynn Martelli
Lynn Martelli March 26, 2024
Updated 2024/03/26 at 7:05 PM
Daytona Commercial Real Estate -- What’s Driving the Market?

Volusia County, located in the northeastern part of Florida, has been experiencing significant growth in various sectors, making it a focal point for investors, developers, and businesses looking for new retail opportunities. The county’s strategic location, encompassing Daytona Beach, Port Orange, Deltona, and Ormond Beach, among other communities, provides a unique blend of residential, commercial, and industrial development potentials. Here’s an overview of new growth areas within Volusia County:

1. Residential Development With an increasing population, driven by factors such as affordability compared to other Florida counties and a high quality of life, residential development is booming. New housing developments, both single-family homes and multi-family units, are underway to meet demand. Areas such as Port Orange and areas surrounding Daytona Beach are particularly seeing growth.

2. Commercial and Retail Expansion Commercial and retail sectors in Volusia County are expanding in response to the growing population. This includes the development of new shopping centers, standalone retail outlets, and mixed-use developments that combine retail with residential or office spaces. The area around LPGA Boulevard in Daytona Beach, for instance, has seen considerable commercial development.

3. Tourism and Hospitality Tourism remains a significant economic driver for Volusia County, home to Daytona Beach, famous for its racing culture and beautiful beaches. Investments in hotel construction, renovation, and the expansion of tourist attractions are ongoing. The hospitality sector’s growth offers opportunities for related businesses, such as dining, entertainment, and retail.

4. Manufacturing and Industrial There’s a growing interest in industrial and manufacturing sectors, partly due to Volusia County’s accessibility via major highways and proximity to Orlando and Jacksonville. Areas like the DeLand Industrial Park are seeing new developments, with companies in aerospace, manufacturing, and distribution setting up operations.

5. Healthcare and Education With the population growth, there’s an increasing demand for healthcare and educational services. New facilities, expansions of existing hospitals, and specialized medical centers are in development. Additionally, institutions like Daytona State College and Embry-Riddle Aeronautical University are expanding their programs and facilities to accommodate more students.

6. Technology and Innovation Efforts to diversify the economy include fostering technology and innovation sectors. Business incubators, tech startups, and initiatives like the Daytona Beach Area Innovation District aim to attract high-tech companies and skilled professionals to the county.

7. Infrastructure and Transportation Significant investments are being made in infrastructure and transportation to support growth in Volusia County. This includes road improvements, expansion of public transit, and enhancements to the Daytona Beach International Airport. The Volusia County road system has seen not only growth but also improvement over the years. Proper adjustments made by planners have made the County more desirable for those moving into town.

Volusia County is witnessing substantial growth across multiple sectors, making it appealing to property developers and new business. The combination of its strategic location, ongoing infrastructure improvements, and a diverse economy creates numerous opportunities for businesses and investors. The Daytona commercial real estate market will thus continue to see growth opportunities over the next decade.

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