3 Reasons why South Florida is a Hot Commercial Real Estate Market
The commercial real estate sector in South Florida is huge right now.
Between a bustling economy, growing population and more, South Florida is one of the finest spots to invest in, across multiple commercial sectors and niches.
The three reasons below can shed any kind of doubt you may have about the booming South Florida real estate market.
Miami ranks eighth in the country in business growth and 18th for wage growth, with both beating the national average by around 1-2%.
From about 2012 to 2016, Miami’s population grew 8%. Broward County is projected to have a 1.8 percent growth rate by the end of 2018, from approximately 1.89 million to 1.98 million.
The city has weathered some major obstacles and the still population is increasing. Population growth is directly correlated with economic growth – that means more retail outlets, more office space demands, and greater demand for multifamily properties.
This population increase applies to the luxury multifamily market as well, encouraging more and more buys by the water. People are moving to South Florida, and this isn’t expected to stop any time soon.
Florida has always been a favorable place to be for taxes, and the latest tax cuts have only made it better. Florida is consistently ranked as one of the best states in the country for taxes. A recent Politicfact report states that Florida has the second lowest state taxes per capita in the country (1).
Florida also famously boasts its no personal income tax status. Entrepreneurs of all kinds continue flocking to the state for its favorable tax organization and its encouraging business atmosphere.
Compared to many other parts of the country, and even Florida, Miami and the surrounding regions feature some really impressive yields. Investors consistently received 10% or more in 2016, and that trend has continued (2). High yields can be found all the way from South Miami and up to Orlando.
South Florida is a highly-desirable market. Few places in the country boast as consistent of yields, as steady as a population increase, and as safe of a tax haven. It’s just the kind of place smart real estate investors need to go.
Learn more about the benefits of investing in South Florida by speaking with a Fort Lauderdale commercial real estate attorney at Schecter Law today. You can reach us at (954) 779-7009.