Pensacola

Overview

One of the first areas in the New World to be explored and settled by the Spanish, the historic City of Pensacola is the western anchor of Northwest Florida and among the more diverse local economies in the region. Home to the Blue Angels and a major military base (Pensacola Naval Air Station), the market’s air, land and sea transportation infrastructure supports a thriving industrial distribution market and one of the busiest ports in the eastern Gulf of Mexico. A significant finance, insurance and real estate sector has also long been a hallmark of Pensacola, anchoring an urban core that is centered around the beautiful protected bay, which is experiencing strong growth as a destination entertainment district. The commercial real estate markets are mature and growing, and the renowned beaches support a major tourism sector that further diversifies the local economy.

Demographics (2010)

Population:
51,923 (Pensacola, City), 448,991 (Pensacola, MSA)

Households:
23,768 (Pensacola, City)

Housing Units:
26,848 (Pensacola, City)

Median Household Income:
$43,574 (Pensacola, City)

Market Conditions (January 2013)*

Retail Market Inventory/Vacancy Rate/Rental Rate/Annual Net Absorption:
30.6 MSF / 6% vacant / $11.22 per SF / 176,531 SF

Office Market Inventory/Vacancy Rate/Rental Rate/Annual Net Absorption:
13 MSF / 7% vacant / $12.33 per SF / 87,742 SF

Industrial/Flex Market Inventory/Vacancy Rate/Rental Rate/Annual Net Absorption:
24.4 MSF / 7% vacant / $4.43 per SF / 88,759 SF

*Market conditions based on total Metropolitan Statistical Area; includes owner-occupied.

Major Area Employers

Ascend Performance Materials Gulf Power Mediacom
Sacred Heart Health System Baptist Health Care University of West Florida
Navy Federal Credit Union

Pensacola Map

 

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