Orlando has rightly earned a reputation as the world’s greatest vacation destination, but it’s also a hub for innovation, aerospace, life sciences, education, simulation & lots more! It’s one of the country’s fastest growing regions. There are many reasons to invest in this fantastic location, we outline some of the prime reasons below.
Orlando is the world’s number 1 tourist destination. When Walt Disney laid out his vision for the world’s greatest vacation destination Orlando was famous mainly for oranges and the occasional legendary astronaut. However in 1971 it was built and they did indeed come. Disney World helped turn Orlando into the greatest center for high end vacation entertainment and lifestyle in the world. The region has since added Universal Resort Orlando, Seaworld, International Drive, and most recently the popular Legoland park to its roster of theme parks plus a plethora of world class golf courses. The Orlando area now welcomes over 66 million visitors per year, more than New York, more than Los Angelas, more than Paris. And it’s still growing year on year! Go to www.visitorlando.com for more info.
Orlando has successfully diversified its economy to become one of America’s top hubs for innovation, new industries and advanced manufacturing. The area is a center for aerospace and is home to a key facility for Lockheed Martin. Orlando is the foremost center for simulation and a leader in video game development and virtual reality. Life sciences and research and development are also now major components of Orlando’s economy. Business services are also relocating to Orlando benefitting from the Florida tax regime. Huge distribution centers for companies like FedEx, Amazon, WalMart and Best Buy are located areas like Haines City. Go to www.orlandoedc.com for more details.
As the visitor figures rises and the new industries grow it is attracting more and more talent from across the United States. Orlando is now the fastest growing region of the 30 largest metropolitan centers in the US and almost 1500 people move to the state of Florida each day. The US’ largest university is now located in Orlando; The University of Central Florida (UCF). UCF is what is known as a ‘Space Grant College’ meaning it receives funding from the Government for research in space technologies. The Central Florida area is truly growing at a rapid pace.
One added benefit to all the tourists that visit Orlando and Central Florida is that it gives the region the funds to invest in new infrastructure. Some of the new projects underway include a $1.8 billion expansion of the I-4 Interstate Highway into the ‘I-4 Ultimate’. This project will widen the highway in the Orlando area. The Orlando International Airport is adding a new terminal for the increase in visitors. This airport alone handles over 40 million passengers annually. The Sunrail commuter rail is now being extended to link the airport, Orlando and Poinciana in Polk County, making it easier for commuters to get around Orlando to work. New road networks are being added such as the Polk Parkway also. One of the most exciting new developments will be the All Aboard high speed railway linking Orlando to Miami.
In many tourist locations around the world vacation homes are touted as investments. Some markets are emerging, others not. In Orlando we believe a vacation home investment works better than many areas. Why? This location is well established, well regulated, yet is benefitting from significant growth in tourist figures as mentioned above. Yet despite the significant growth in visitor numbers occupancy rates in hotels has dropped. The main reason for this is due to vacation homes. 80% of visitors to Orlando are domestic US travellers and many come in their cars and being the whole family. Improved vacation home resorts give them extra space but also the great amenities of a top class hotel.
Orlando is outperforming all other parts of Florida in terms of real estate sales activity and capital appreciation. Growth in the Orlando area last year reached 15% with rents also seeing significant growth. The growth is naturally due to Orlando taking its place as a center for the new industries as mentioned above but also as more people are needed for the tourism and hospitality sector. The public school system in Orange County is also one of the best in the state of Florida, making the decision to move to Orlando that bit easier for parents.