Volusia County is experiencing a dynamic period of commercial growth and development, with several notable projects reshaping the region's economic landscape. Here's an overview of the latest trends and significant developments as of March 2025.
Commercial Real Estate Market Trends
The commercial real estate market in Volusia County has shown positive momentum over the past year. As of March 2025, the average list price for commercial properties reached $1,051,979, reflecting a 5.8% increase from $994,278 in March 2024. This upward trend indicates sustained investor confidence and a robust demand for commercial spaces in the area.
Major Commercial Developments
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AdventHealth Daytona Beach Expansion
AdventHealth Daytona Beach has embarked on a significant expansion project to enhance its medical facilities. On April 24, 2024, the hospital announced a 240,000-square-foot expansion at a cost of $220 million. This project includes adding four stories to one tower and one story to another, resulting in an increase of 104 beds, bringing the total to 466. The expansion also encompasses the enlargement of the sterile processing department, neuro intensive care unit, cardiovascular intensive care unit, and the addition of new operating rooms, a pharmacy, and a laboratory. Construction commenced on July 22, 2024, with an expected completion date in 2025.
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Ormond Crossings Development
Ormond Crossings is an innovative live/work planned community in Ormond Beach, resulting from a partnership between the City of Ormond Beach, Volusia County, and Tomoka Holdings. This development features a state-of-the-art business park, a lifestyle town center, and a variety of residential neighborhoods. The project aims to create a harmonious blend of commercial and residential spaces, fostering economic growth and community development.
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East DeLand Market Place
The East DeLand Market Place is a mixed-use development project that includes 100 townhouses and nearly 100,000 square feet of retail space, along with outparcels designated for restaurants. Initially proposed with 240 multifamily units, the plan was adjusted to 100 townhouses, with 10 acres set aside for conservation. This development aims to provide a balanced mix of residential and commercial spaces, enhancing the local economy and community living.
Economic Outlook
The overall property market in Volusia County continues to exhibit strength. County Property Appraiser Larry Bartlett expressed optimism for 2025, citing steadily rising values and prices for land, homes, and buildings throughout the county. This positive outlook is supported by the ongoing commercial developments and infrastructure improvements that are attracting major retailers and expanding investment opportunities in the region.
Volusia County's commercial market is thriving, with substantial developments contributing to its economic vitality. The combination of strategic investments, infrastructure enhancements, and a favorable economic climate positions the county for continued growth and prosperity in the commercial sector.
Posted by OLR Team on
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