Florida’s building boom brings more offices and more leases

| Oct 5, 2018 | Commercial Real Estate Leases |

Real estate may have taken a tumble in the market over the last decade, but it is roaring back in Florida and bigger business than ever. Most of the southern part of the state is going through a building boom as old office and retail vacancies are snapped up by new and expanding businesses.

An abundance of wealth in the Miami region, extending up the coast and across to Naples on the Gulf Coast, has driven the development of higher classes of office space, often fetching a higher price on the market even without availability issues. Only about 7 percent of Collier County’s stock of office space is currently begging, and several neighborhoods of the Magic City are seeing new inroads by builders, developers and property managers.

Newer properties are always more upmarket, often grabbing up to 35 percent more for their owners in Florida. This also means a few deals are yet to be had for businesses who don’t mind a property with some wear and tear.

Turnover is also near an all-time high in the Sunshine State, so more commercial real estate transactions are happening than ever before. This is also big business for property agents, court clerks, property inspectors and others in the real estate industry who aid transactions for owners, lessees and buyers.

If a new or growing business is looking to acquire new offices, storefronts or worksites, it’s time to get on the real estate market and find the right location for workers and clients. An attorney can always help identify the requirements for a lease or purchase and guide lessees through their first transaction, their fiftieth and all the ones in between.