Florida Trend: Southwest Florida’s economic forecast for 2021

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Florida Trend asked Florida’s top business leaders for their insight on the state’s economy heading into 2021. Here’s what Franklin Street CEO Andrew Wright had to say:

“Despite 2020’s challenges, I am very bullish on the outlook for 2021. Florida remains one of the fastest-growing states, as residents from the Northeast and other high-density regions move here in search of better economic opportunity and quality of life. Although there is some uncertainty in the short-term, we can expect the state’s strong population growth to create significant opportunity in the commercial real estate space going forward. Occupiers and investors may proceed with caution in the first quarter of 2021, especially those in retail and hospitality.

However, as unemployment levels out and businesses determine what their new normal looks like, I expect the state’s economy to be back on track by the second quarter. At Franklin Street, we’ve benefited from having a diverse range of services. Our insurance business has remained especially robust, and we have continued to close leases and sales across all asset types. Notably, we expect the state’s Amazon-driven industrial sector to remain white hot, while population influx from out of state continues to propel demand for affordable multifamily housing.”

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