South Florida Office Space Market Continues to Grow
Office Space Market Is Growing In South Florida
The South Florida office development market appears to be paced to continue to grow in 2020 as demand increases faster than the supply of new space. The supply of new space in South Florida has been far slower during the post-recession growth cycle than it was prior to the recession. Developers are dealing with stiff competition and high construction costs. Class-A office space continues to be landlord’s market, and office demand for South Florida commercial real estate attorneys and firms, accounting professionals, technology firms, insurance companies, and other businesses remains high.
Co-working remains a popular trend in South Florida
Despite the recent news regarding WeWork’s layoffs and reduced valuation, coworking remains highly popular in South Florida due to the region attracting a wide range of startups, freelancers, transient workers and small businesses. Although co-working spaces have declined in some regions throughout the United States, in South Florida, coworking office square footage has expanded. In general, coworking has had a major influence on the market and is expected to continue to be a significant factor in 2020.
Suburban office space demand will increase
Several factors are also driving suburban office space demand to increase in South Florida. Traffic is one of them, traffic problems throughout the region have caused some companies to look toward suburban accessibility which can reduce traffic and help attract employees. Parking is also increasingly expensive in South Florida cities such as Fort Lauderdale and Miami, and parking continues to be a major factor for businesses choosing a new location. An experienced South Florida commercial real estate attorney can help you decide between the pros and cons of choosing a suburban office over an office in the city if you are considering one.
The overall market looks positive for 2020
As attractive state and local tax laws continue to bring in new businesses, the office sector in commercial real estate in South Florida continues to look to be on the upside in 2020. Class A offices will remain in top demand as the trend shifts toward buildings with numerous amenities and the latest cutting-edge features to provide tenants with technology, sustainability and comfort.
Speak To A Qualified South Florida Real Estate Attorney
Are you in the process of considering investing in the South Florida office market or are you considering leasing office space in South Florida. A commercial real estate attorney in South Florida can help you choose the right option, navigate your lease or purchase agreement, and find the right opportunity. Learn more by calling Schecter Law today at (954)-779-7009.