USA - FLORIDA Trends and Developments Contributed by: Jeffrey R Margolis, Marc S Shuster, James L Berger and Evan Rosenberg, Berger Singerman LLP
Florida’s location, growing population, business- friendly environment and desirable climate offer a wealth of business opportunities across vari - ous sectors, and Florida has consistently ranked among the top states in terms of commercial real estate development; this past year was no differ - ent. In addition, Florida’s commercial real estate market is heavily influenced by the influx of com - panies and businesses which have moved to the state, as well as foreign investment from South America, Europe and other parts of the world. Florida’s commercial real estate market contin - ues to outpace other regions in the US. Despite inflation, interest rates, and increased construc - tion and other costs, investors and developers are active in and remain optimistic about the Florida real estate market. Real estate trends in Florida over the past year include: • an increase in vacant land development transactions in the central part of the state, particularly Tampa, Orlando, and Jacksonville;
• a high volume of loan refinances in the com - mercial office, multi-family, and retail spaces; • significant development of multi-family pro - jects and increased multi-family rental rates; • transportation hub development in connec - tion with the development of mass transpor - tation; • redevelopment of older properties and pro - jects including continued redevelopment and new development of urban areas to accom - modate the growing trend of urban lifestyles; • a rallying industrial sector on the back of strong demand which absorbed new ware - house inventory resulting in a decrease in industrial vacancy rates; • increased leisure travel and increasing busi - ness travel driving demand for hotel and hospitality options; • increased need for affordable housing; and • an overall strong commercial real estate mar - ket in retail, multi-family and industrial.
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