On a recent trip to Orlando to view commercial real estate properties with a client, I took the Brightline high-speed train, a decision that greatly enhanced my trip. In just over three hours, I arrived at the Orlando train station located at the Orlando International Airport.
Brightline’s service to Orlando began in September 2023 and has significantly improved connectivity between Miami and Orlando and transformed local economies. Brightline has stations in Aventura, Fort Lauderdale, Boca Raton and West Palm Beach, with future expansion planned for stations in Cocoa and Tampa.
The exterior area of ​​the Brightline station in Orlando, Florida.
The travel experience is excellent, with efficient security checks and boarding. Upscale lounges offer free Wi-Fi, drinks and snacks. Brightline also offers shuttle services from the station to events like the upcoming Formula 1 at Hard Rock Stadium.
This public-private partnership benefits local economies by creating synergies between important business centers. Additionally, Brightline’s popularity has sparked interest in real estate around train stations. According to a joint study by the American Public Transportation Association and the National Association of Realtors, the value of properties near transit stations can increase as much as 150 percent, sparking interest from developers to acquire them.
During my time in Orlando, I was impressed by the growth the city was experiencing on different fronts. The city benefits from strong job creation and a diverse and rapidly growing population, thanks to constant migration, which drives demand for retail and housing. There are many notable projects in Orlando.
The most notable project under development is the Orlando Sports and Entertainment District, which received final approval from the city and was officially renamed Westcourt. This 900,000 square foot development includes a hotel, residences, offices, entertainment and commercial spaces.
Inside Brightline Base Camp.
Another notable development is Olympus, a 250-acre development dedicated to sports, health and wellness. It includes multi-purpose arenas and wellness facilities where Olympic athletes can train. The development will also include resort, hospitality, entertainment and residential components.
While touring commercial properties, I passed by communities in the outer suburbs of Orlando ideal for investors, such as Clermont, Winter Garden, and Lake Nona. Communities such as Horizon West, in Disney’s backyard, offer various shops and restaurants, health centers and schools within walking distance, according to local real estate expert Natalie Jacoby.
How does Orlando compare to Miami when it comes to real estate? According to CoStar, a multifamily unit costs 22% less in Orlando ($225,000 versus $289,000 in Miami), and rents are also 23% lower in Orlando.
Fernando Echeverri, CCIM.
On the retail side, demand for retail space in Orlando continues to be high. The region’s rapidly expanding population and economic growth continue to drive consumer spending. The price of commercial properties in Orlando is $275 per square foot, while in Miami it is $445. Conversely, rental rates in Orlando are $28 per square foot, compared to $49 per square foot in Miami.
My visit highlighted Orlando’s thriving real estate market and economy. Brightline’s high-speed rail has significantly improved connectivity, benefiting local economies by fostering synergies between Orlando and South Florida.
Fernando Echeverri is a broker specializing in commercial investment properties and works with Great Properties International in Key Biscayne. fe@kbrealtor.com or call (305) 458-6101.
