Tampa Commercial Real Estate
Knowing and understanding where you’ll be doing business if you plan to buy or lease commercial real estate in Florida is important. It would help to consider Florida’s economic development potential when investing in commercial real estate. Florida is among the top three states when considering where to set up shop.
The surge in the Population
Population growth is indicative of rising optimism in the area. People migrate in large groups across state lines for two main reasons: better job prospects and higher living standards in neighboring states. Florida’s Population grew faster than any other state in 2017; only Texas grew faster.
Low Unoccupied Rates
According to the latest statistics, the fourth quarter of 2019 saw a little increase in Miami’s vacancy rate from 4.4% to 4.5% in the previous quarter. This exemplifies the robust interest in commercial property in the region. Jacksonville’s vacancy rate just fell below 10%, and Orlando’s office vacancy rate is at 10.7%, the lowest level since 2007. Statewide rate decreases like these reflect rising demand for commercial retail space.
Investment Abroad in Real Estate
Real estate investor, especially those from Canada, Europe, Asia, and South America, have a significant impact on Florida’s investment commercial properties. Florida is the best state to invest in commercial real estate, as it tops the list of the most popular tourist destinations in the United States. Florida’s many nonstop international flights from significant global markets like South America, Asia, Turkey, Israel, and others contribute to the state’s robust economy.
To improve one’s life quality
It’s no secret why Florida is nicknamed “The Sunshine State” due to the pleasant year-round temperature. Because of its reputation as one of the sunniest regions in the United States throughout the year, the region attracts a large population and generates significant annual economic output.
