Narcoossee Commons North

The new center is being built in St. Cloud- a city in northern Osceola County, Florida, about 26 miles southeast of Orlando. The site is located near the intersection of S. Narcoossee Rd and Rummell Rd. just north of Highway 192 and south of Lake Nona. Lake Nona (www.lakenona.com) is home to a vibrant medical community and hospitals, as well as UCF College of Medicine, KPMG National Training campus, the United States Tennis Association Training campus, and more, to draw population from the South past this new commercial center. The site is located only 25 minutes from Orlando International Airport and offers local St. Cloud residents access to dining, beauty services, office, education, and professional services. The traffic count on S. Narcoossee Rd. of 24,500 vehicles per day proves this road is a major thoroughfare that serves as a connector for Highway 192 traveling up into Lake Nona. This location is poised for continued traffic growth with annual population growth in the area predicted to be 2.95% annually for the next 5 years, including over 7,000 homes in various stages of development. With a median net worth within a 5-mile radius of $166,648, this center will continue to deliver the high-end professional and personal services this community demands and offers ideal office opportunities for business owners who want to stay close to home. The Osceola Outlying Submarket in Orlando, as defined by Costar, is a midsized submarket that contains around 2.9 million SF of office space. The vacancy rate at 4.1% is below the 10-year average as of the 3rd quarter of 2022. Net absorption over the past year clocked in at about 68,000 SF, above the five-year average. There are no supply-side pressures on vacancy or rent in the near term, as nothing is currently under construction.NNN