Mayhugh Commercial Advisors continuously researches the Lee County market to stay current on trends and developments. Our recent findings on permitting trends provide valuable insights into the market’s evolution since 2019. Since 2019, 357,523 permits have been issued in Lee County. Here’s a breakdown of the annual figures:
2019: 43,585 permits
2020: 50,122 permits
2021: 58,008 permits
2022: 75,478 permits
2023: 93,157 permits
Year-to-date in 2024, 37,073 permits have already been pulled. Historically, there has been a substantial increase in permits, largely attributed to the aftermath of Hurricane Ian. However, our research indicates that the market is now restabilizing, with the number of permits aligning more closely with the figures from 2021 and potentially even falling slightly below that mark.
Based on these trends, we predict that by the end of 2024, there will be a 40% decrease in the number of permits compared to 2023. Our data estimates that the market will be in line with an estimated 55,609 permits for the year. This projected decline signals a return to more stable and sustainable levels of market activity.
Market Restabilization: A Deep Dive into Lee County Permitting
Authors: Chase Mayhugh, CCIM SIOR and Jhonny Iglesias
Mayhugh Commercial Advisors continuously researches the Lee County market to stay current on trends and developments. Our recent findings on permitting trends provide valuable insights into the market’s evolution since 2019. Since 2019, 357,523 permits have been issued in Lee County. Here’s a breakdown of the annual figures:
Year-to-date in 2024, 37,073 permits have already been pulled. Historically, there has been a substantial increase in permits, largely attributed to the aftermath of Hurricane Ian. However, our research indicates that the market is now restabilizing, with the number of permits aligning more closely with the figures from 2021 and potentially even falling slightly below that mark.
Based on these trends, we predict that by the end of 2024, there will be a 40% decrease in the number of permits compared to 2023. Our data estimates that the market will be in line with an estimated 55,609 permits for the year. This projected decline signals a return to more stable and sustainable levels of market activity.
Source: Lee County Permitting Website
Stay tuned for further updates and detailed analysis as we continue to monitor these developments.
Download this as a PDF here.
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