All eyes are on the South Florida's real estate market as companies large and small from across the country relocate or expand to enjoy its sunny climes and tax benefits, accelerated by the pandemic.
Big businesses are breathing life into South Florida's office market, with major companies creating a ripple effect and influencing others to come to the capital of capital. Despite the rise in the Delta and Mu variant cases, top-dollar deals aren't diminishing and the retail and hospitality sectors are booming.
Take a look at which businesses are taking over the office market; if employees shortages will hinder South Florida's retail and hospitality sectors, and what major deals are in the works. Here's this year's special report:
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"Occupancy was off the charts. Average daily rates were off the charts. Some of my hotel owners who had gone from crazy numbers like 9% occupancy were now full and at rate said they had never been able to charge before," said Suzanne Amaducci-Adams, partner and head of real estate at Bilzin Sumberg in Miami.
South Florida Office Market Sees Rapid Change Fueled by Mass Migration of Businesses"It remains to be the most dominant sector that continues in the new-to-market sphere. I think the openness of business and business climate in South Florida has seemingly drawn in the past year, additionally our tax climate as a state, plus being a good-sized metropolis with much to offer," said JLL's Jeff Gordon.
"The venture capital firms are flooding this market. The hedge funds and private equity firms are flooding this market, and they're clustering near our building at 830 Brickell, and in Coconut Grove and Wynwood and the Design District. I think we're going to see more of these big names," said Ryan Holtzman of Cushman & Wakefield.
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Raychel Lean
Raychel Lean is ALM's Florida bureau chief, overseeing the Daily Business Review. Email her at [email protected] or follow her on Twitter via @raychellean.
