JLL Pulse360 Orlando // 2015 | Page 32

// ORLANDO OUTLOOK The Orlando economy and real estate market is experiencing its strongest growth since before the Great Recession, and plans are in place to ensure that growth continues in the future. Orlando area job growth has outpaced the state, growing 3.8 percent year-overyear and dropping the unemployment rate to 5.1 percent – the lowest among Florida’s major metropolitan areas. Job growth in Orlando has been fairly dispersed among industry segments as well. Although the leisure and hospitality industry still accounts for the largest share of job gains (34.9 percent) since last year, office using employment comprised 15.9 percent of all employment gains and construction employment made up 7.8 percent, suggesting a more robust and widespread economic strengthening. Beyond the economic cornerstone of tourism, which is coming off of its best year ever, Orlando is undergoing a transition that will help to reshape the City and economy. Orlando, and specifically downtown, is on the verge of substantial transformation due to some large scale developments that will help shape the City’s future. The largest and most significant project in the pipeline is the Creative Village project, which is a 68-acre master plan at the site of the former Amway Arena comprising 1.2 million square feet of office/creative space, 150,000 square feet of retail/commercial space, 1,500 residential units and 225 hotel rooms. The development is focused on building upon the burgeoning media and high-tech industry sector located in Orlando, and will include an additional 500,000 square feet of education space, with the University of Central Florida as a partner. The $1.0 billion development is expected to add 6,500 construction jobs during development, and is expected to sustain an additional 5,000 permanent jobs, and figures to play a major role in the future economic growth of Orlando. Additionally, as part of this development, the University of Central Florida plans to construct a downtown Orlando campus, which will add up to 13,000 students to downtown Orlando’s daytime population and should help spur retail sales in the area. Many of the programs to be offered at the campus will focus on high-tech and life science fields, ensuring Orlando’s position as Florida’s hub for these emergi