South Florida Commercial Real Estate Sectors that Are Strong for Now
Strong Commercial Real Estate
Across multiple sectors including office, retail and industrial, the health of the South Florida real estate market remains strong, based on statistics from the final quarter of 2019. The question is whether or not it will remain this way for the remainder of the year. As you plan your next move in commercial real estate, get the latest market news and also be sure to meet with a Broward County commercial real estate attorney for help with planning, negotiations, purchase agreements and more.
Population and wage growth fueling the market
The commercial real estate market in South Florida is largely been driven by wage and population growth as well as a growing job sector. There has also been an uptick in tourism in the region and several markets continue to expand. Demand remains high for several commercial sectors including retail and industrial, and the foundational drivers for demand remain in place. The market is expected to remain healthy as long as demand remains stable.
In Broward County, the industrial market saw the largest level of completed commercial construction in over a decade over the fourth quarter of 2019. Asking rents for distribution and warehouse space also increased by 2.4% from the third quarter, while asking rents in the office market increased by 1.1%.
If you are considering office space in Broward County, or are considered about the rent increases as a potential tenant, speaking to a commercial real estate lawyer in Broward County can be helpful to ensure your new space meets your goals and to have your questions about the market addressed.
The urbanization of Broward County cities such as Fort Lauderdale is drawing in more office space tenants. Spirit Airlines is opening a 500,000 square foot headquarters in Dania Beach and is expected to fill a large part of the office market, along with smaller players.
Some sectors may see a dip in demand
Although the market overall is considered to be healthy, there are some sectors that may see a dip in demand. Commercial office space is one of them. The expansion of Virgin Trains is allowing companies to have a main office in one county with the largest population of employees along with less costly co-working spaces in other counties.
To learn more about the market in South Florida or ask questions about an upcoming project, speak to an expert commercial real estate attorney in Broward County. Call Mark Schecter at Schecter Law at (954)-779-7009.