2014 Restaurant Trends – SW Florida - October, 2014
As was forecasted at the beginning of 2014, we have seen a rise in restaurant growth in our market. Restaurant sales volumes in Collier County, Lee County and Florida all increased over 2013 figures, with Collier showing particularly strong increase of 10%. Lee County also outpaced Florida with an 8.9% increase, compared with Florida’s growth of 6.1%. According to the National Restaurant Association’s Restaurant Industry Forecast report, national restaurant-and-foodservice sales are projected to total $683.4 billion in 2014, up 3.6 percent from 2013. While the Restaurant Industry remains the second largest private sector employer with over 13.5 million individuals, the state of Florida looks especially poised to see massive growth in the coming years. The National Restaurant Association has projected the Stateof Florida to see a 15% growth in restaurant and food-service jobs in the next 10 years, which would rank 3rd nationally behind Arizona and Texas.
A stronger SW Florida economy coupled with high demand for good restaurant locations, have resulted in a high number of restaurant transactions. Overall there was a net increase of 15 restaurants in Collier County and 36 in Lee County in the last year. There have been many new national and regional restaurant brands that are new to SW Florida in the last year including The Brass Tap, Sage Woodfire Tavern, Felipe’s Taqueria and many more. We have also seen growth from local operators adding new locations and looking for even more opportunities in SW Florida. There is a very positive vibe on the streets right now and with this comes major growth. We have seen firsthand the retail and restaurant leasing activity take off and it does not look like it is going to slow down anytime soon!