Market Highlights

Located in Northwest Florida, the Pensacola MSA is known for its beautiful weather, popular beaches, and thriving economy. Greater Pensacola, consisting of Escambia & Santa Rosa counties, has a population of 523,146. Ranked by US News & World Report as the #28 Best Places to Live in the US, Pensacola boasts a robust economy anchored by the Chemical & Aviation Manufacturing, Cybersecurity, and Information Technology industries. Over 500 companies are based in Pensacola and benefit from favorable tax laws and a competitive cost of doing business. Proximity to the Port of Pensacola, Intercoastal Waterway, and I-10 provide Pensacola with a strategic transportation infrastructure. The largest employer in the area is Navy Federal Credit Union’s Greater Pensacola Operations (GPO) which currently employs 9,188 people with plans to grow that number to 10,000+ within the next several years. Baptist Hospital is a brand new, 268-bed hospital, and Sacred Heart Hospital is the area’s largest hospital with 566 beds. HCA West Hospital offers an additional 515 beds to the population. University of West Florida is the area’s staple university, with an enrollment of 13,504. Residents benefit from over 50 miles of coastline and some of the state’s best beaches, including Pensacola Beach, a Top 20 beach in the United States (Tripadvisor).

The Pensacola MSA is home to 141 multifamily properties, 21,761 units, and a development pipeline of another 2,197 units.

Multifamily Highlights

Major Employers

  1. Navy Federal Credit Union Greater Pensacola Operations

    9,188 jobs  | Learn More
  2. Baptist Health Care

    5,434 jobs / 350 beds  | Learn More
  3. Sacred Heart Hospital & Health System

    4,820 jobs / 566 beds  | Learn More
  4. University of West Florida

    2,447 jobs / 13,504 enrollment  | Learn More
  5. Pensacola Christian College

    1,584 jobs / 5,000 enrollment  | Learn More
  6. Ascent Performance Materials

    1,288 jobs  | Learn More
  7. HCA Florida West Hospital

    1,200 jobs / 515 beds  | Learn More
  8. LifeView Group

    1,199 jobs  | Learn More
  9. Innisfree Hotels

    750 jobs  | Learn More
  10. GE Vernova

    700 jobs  | Learn More
  11. Pensacola State College

    600 jobs / 8,604 enrollment  | Learn More

Other Demand Drivers

  1. Cordova Mall

    929,685 SF; Best Buy, Dick's, Belk, Dillard's  | Learn More
  2. Pensacola International Airport

    AA, Delta, Frontier, Southwest, Spirit, United  | Learn More
  3. Community Maritime Park

    Capacity of 5,038; Home of AA Pensacola Blue Wahoos  | Learn More
  4. Pensacola Beach

    #20 Best Beaches in the United States (2023)  | Learn More

Sources & Comments

1. The Pensacola-Ferry Pass-Brent, FL Metropolitan Statistical Area consists of 2 counties (1) Escambia (2) Santa Rosa

2. Primary Sources: (1) (2) YardiMatrix (3) (4) CoStar (5) (6) (7)

3. Sales Comps are from 1/1/2023 – 12/31/2023

4. Development Pipeline as of 1/24/24

5. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy