Commercial Construction on the Rise in South Florida
The past year has been marked with uncertainty and discouragement as the population felt a throwback to last year’s dilemma of closed-off social engagement and a sharp cut to most people’s regular livelihood. This sharp decline sparked turmoil in business developments as planned or developing projects were suddenly detoured or taken off the track entirely. Today, as America starts the steady climb back out of its shell, people are making it a focus to make the most of their lives and changing their surroundings. This trend proved beneficial as the real estate market saw housing sales skyrocket in many states, including the ever-prized retirement state of Florida.
Florida has a track record of accommodating many opportunities due to the low tax climate and ample land for sale, which has historically attracted businesses and individuals who are all equally looking for a fresh start. Still, these past months have seen record-breaking numbers of home sales as more people recognized they could choose more openly where they live with the ability to remote work expanding their choice. The trend has made for incredible numbers as real estate for residential offers alone jumped over four billion in total; commercial sectors saw a thirty percent increase from the last dated statistic. Part of this increase gets credited to smaller homes for the growing statistic of single-occupant buyers and the use of new, more weather resilient materials to protect against Florida’s enduring weather conditions. Despite small hikes due to shortages in suppliers, the influx of out-of-state buyers has defiantly brought up the luxury housing market with a clear sign of growing affluent neighborhoods on the sunny Gulf Coast.
It is not just the housing sector seeing a rise, as the influx of community has brought with it an entrepreneurial spark and attracted notable startups with the promise of young, talented minds. By tapping into this surge of talent, South Florida is quickly turning into a busy hub for both private and openly traded corporations in the financial, medical, and technological sectors of the global market, with accelerators such as 500 Startups starting workshops and seedling programs for business development at the ground level. This means more projects like commercial construction from Danto Builders and other local contractors popping up everywhere. Companies that have made it to the larger trade market include Blockchain, Chewy.com, and REEF Kitchens. With so much intellectual and material capital moving into the city, the future of business sees Florida as a renewed port of information for a developing market world.
These signs are a product of the Florida State legislature’s efforts to promote commercial and business prosperity through their passing of tax relief and incentives. In the face of turbulent financial times, Florida has weathered and thrived by keeping a notable liquidity score, meaning its assets and liabilities balance to preserve the state economy in good standing when the nation’s financials hit a buffer. As additional protection, the state pairs its economy with a notably sized workforce of over nine million. These numbers include the high growth technology sector inhabitants alongside a large percentage fluent in foreign languages to accommodate the rise in foreign companies’ involvement as Florida property values attract global attention and investors overseas. This well-rounded workforce has ranked top tier in the country by the business analyst standards, which also placed Florida in the top ten developing business centers this past year, an impressive feat for a state that barely made the best fifty-some years prior.
The past year has seen businesses staggered by the radical changes in people’s lives. As the country returns to its previous state of prosperity, commercial developers should look to where the numbers are to see South Florida as the new frontier for a rise in startup capital and a promising sector for the commercial real estate world at large. With booming residential neighborhoods, foreign and domestic venture spending, and rising favor for large-scale development, a promising future is waiting for the one who makes themselves available to the Florida buyer’s boom.