Hertz move to boost lagging commercial construction activity in Estero



Hertz relocating to Estero

Gov. Scott, Hertz CEO announce relocation.

— News that Hertz rental car company will relocate its corporate headquarters from New Jersey to the Estero area promises to boost commercial construction activity that has been lagging since 2006-2007.

The most recent Estero Development Report, released today by the Estero Council of Community Leaders, notes that commercial building permits remained depressed so far in 2013. In March, commercial permits totaling $700,000 were issued, mostly for the interior build out of an office complex on Chevrolet Way near Interstate 75 and Corkscrew Road.

Plans for the Hertz headquarters will mean more than $50 million in commercial construction in the Estero area between now and completion in 2017.

The council of community leaders, which monitors both commercial and residential building activity in Estero, documented in the group’s most recent report to the community that investment in new construction has been slow.

“Commercial investment fell precipitously from 2006 through 2010,” the report states, “and then began to improve in 2011 and the early months of 2012. However, the last few months of 2012 were exceptionally low… Activity remains depressed so far in 2013.”

Estero building activity peaked in 2006 when $185 million in commercial construction was permitted. The annual amount fell to under $10 million in 2009 and 2010, during the depths of the recession. Last year and the year before, commercial building permits totaled slightly more than $11 million. Through the first quarter of 2013, the value of commercial building permits was just under $2 million.

© 2013 marconews.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Discuss
  • Print

Related Stories

Comments » 0

Be the first to post a comment!

Share your thoughts

Comments are the sole responsibility of the person posting them. You agree not to post comments that are off topic, defamatory, obscene, abusive, threatening or an invasion of privacy. Violators may be banned. Click here for our full user agreement.

Comments can be shared on Facebook and Yahoo!. Add both options by connecting your profiles.