Why are Businesses Moving to Florida?
Despite the initial negative impacts caused by COVID-19, Florida’s office sector is experiencing a surge in office investment. Many factors play into the huge influx in numbers, showing that now is a great time to invest in commercial property in South Florida.
Throughout the pandemic, many businesses no longer saw the need to be in traditional business hubs like New York City and Silicon Valley. They began looking for other areas with more favorable tax structures and better living costs, eventually leading them to the South Florida area. As more people started to see the financial benefits of relocating to our state, the demand for commercial space increased. According to Commercial Property Executive, Florida has seen $985 million in office deals in the first quarter of 2021. This is 24 percent higher than the $794 million recorded at the same time last year.
Based on those numbers, business owners should take advantage of this demand for commercial space in South Florida. According to retail and real estate reporter Lauren Thomas, commercial real estate investors across the nation are looking for ways to buy into the economy as COVID-19 restrictions are lifted. Companies are gravitating towards Florida because of our current reopening plans. Florida also provides attractive benefits such as lower taxes, good weather and better schools that appeal to corporations that want to improve their profits and improve their workers’ quality of life.
What does this mean for you and your business?
If you’re looking to invest in commercial real estate, now is the best time. In a Buchanan Ingersoll & Rooney PC article, Miami Mayor Francis Suarez mentioned COVID-19 was just a catalyst that persuaded people to move their businesses to South Florida, and he doesn’t see that slowing down.
Since we’re currently in a fast-moving seller’s market, it’s important to remember that the property you want may not last long. If you are looking to invest or find a commercial property, let us make the process easier. Contact us through the form on our home page, and we’ll help you find the best location for your business.