4 Reasons Why South Florida Commercial Real Estate Remains Hot in 2021
South Florida Commercial Real Estate Remains Warm
According to a recent article in Forbes South, Florida Commercial Real Estate is an investor’s dream come true. It was reported that well over 30,000 New Yorkers had hung up their NY tenancies for Florida. In addition, Californians, en masse (80,000+) said goodbye to the bay area, a good portion of them moving into Floria. Does the lax environment provide more freedom for those looking to get back to normal? getting children back into school and what’s better than year-round warm temps?
2021 Best Summer Yet?
Throughout 2021 we can expect the South Florida commercial real estate market to remain warm to hot due to a number of factors including increases in job growth, tax-friendly laws, tourism, major corporations opening new offices and many other factors.
Are you considering taking part in this vibrant market? Talk to an expert commercial real estate lawyer in South Florida at Schecter Law to get unique insights into the best opportunities in the market or assistance with many aspects of your deal including negotiation, legal issues, zoning, closing, transactional issues and more.
Economic Stability
Economic stability in South Florida is the result of a range of factors including steady population growth as well as returning tourism levels. The economic stability drives commercial real estate demand as new restaurants, offices, corporations and retailers compete for prime locations. The state is expected to see an additional 6 million residents over the next decade to bring the total to approximately 26 million by the year 2030. Population growth estimates remain bullish, which means that commercial real estate is not likely to see a major dip in demand overall, barring certain economic factors.
Business Incentives
The state also offers unique business incentives that keep demand for commercial real estate high. Florida is rated as the #2 state for business according to Chief Executive Magazine. 20% of U.S. export goods are located in Florida because of its favorable tax laws. It also remains a friendly tax state for retirement – the increase in relocators and retirees drives commercial areas such as retail. Entrepreneurs, investors and business owners will continue to flock to Florida because of all of the tax incentives, including no personal income tax, estate tax or inheritance tax.
Foreign Investment in Real Estate
Over the past few years, foreign real estate investment has remained high in Florida, with the state open ranking #1 for foreign investment dollar amounts. There are a number of factors driving this investment including the climate, tourism, relatively low cost of living compared to global cities and economic stability.
Get Help With Your Commercial Real Estate In South Florida
The retail market is one of the strongest in the country because of all of the domestic and foreign tourism and investment. Time will tell, but several sectors of the South Florida commercial real estate market look to be on the uptick. If you have any questions about what this means for your next commercial real estate move, talk to a leading South Florida commercial real estate lawyer. Call Leah Mayersohn at Schecter Law today at (954)-779-7009.
