The Lakeland, Florida office market consists of four sub-markets: South Lakeland (Polk Parkway), Dixieland, Downtown, and North Lakeland.
Each market offers its own distinct assets and shortcomings so each office user needs to select the market that will suit them and their business best. Below is a quick summary and identifying characteristics of each office market in the greater Lakeland area. For any property-specific information, please contact Cory Petcoff at 863-607-4100.
The South Lakeland market is dominated by retail but contains a fair amount of quality office products. These properties offer ample parking and attractive rental rates. The South Lakeland market is surrounded by residential uses and is appealing to many users because of its proximity to the homes of the owners and employees.
The South Lakeland office market is desirable for businesses with outside sales representatives as the Polk County Parkway (SR570) offers convenient access to all areas of Central Florida.
The Dixieland sub market is made up of the commercial properties along both the east and west sides of South Florida Avenue stretching from Ariana to Walnut Street. A Community Redevelopment Area (CRA) was created in Dixieland to promote development activities that would invigorate the existing businesses, attract new businesses and investment, and provide a neighborhood commercial center for the surrounding residents.
The CRA was established in May of 2001 and has been instrumental in the renovation and redevelopment of several properties. The CRA currently offers grants for uses such as façade improvement and restaurant infrastructure. The CRA also completed significant improvements to the alley areas behind the commercial district and led an art infusion project that has led to the addition of several murals on buildings in the district. As a result of this investment, Dixieland neighborhood has become the home of many “creative class” business owners.
Downtown is the largest and most traditional office market in Lakeland. Major tenants in this submarket include Publix, Summit, the City of Lakeland, Lakeland Regional Health, and several financial institutions.
Downtown provides an excellent office atmosphere with historic buildings, restaurants within walking distance, and incredible views, however many properties downtown offer challenging parking environments. In an effort to relieve some of the parking challenges, the City has participated in two public private partnerships to add additional parking garages in the heart of downtown. Rents in Downtown are typically the highest of the four submarkets due to the inventory of class A office product in downtown.
The North Lakeland Office market encompasses a large geographical area that includes I-4, the medical office buildings available on Lakeland Hills, and the city and county government buildings around Memorial Boulevard. Medical office dominates this market and is likely to do so in the foreseeable future as Lakeland Regional Health and Watson Clinic continue their growth.