The South Florida commercial real estate market is growing, even with the effects of COVID-19. But why? These statistics and trends can provide some insight.
If we've learned anything in the past year, it's that the commercial real estate market is one of the most resilient in the U.S. The COVID-19pandemic has crippled retail across the board–it decimated supply chains and crushed consumer demand for many items once thought to be household essentials. The restaurant industry fared no better. One survey shows that out of its sample size, 43% of small businesses reported having to temporarily close due to COVID-19. Yet small businesses and big chains alike have forged onward and are already being rewarded for their resilience.
The real estate market is having somewhat of a comeback in the U.S.–and South Florida is among the regions seeing buyer bounce back and an influx of new residents. South Florida’s real estate market is “on fire,” according to Forbes, and trending away from downward pricing currently seen in metropolises like San Francisco and New York City. But what exactly makes the South Florida commercial real estate market so hot?
“With the great migration that started with Trump’s tax laws and accelerated through the pandemic, South Florida offers opportunities in almost every segment of commercial real estate,” says Vaster Capital VP of Bridge Lending George Fraguio. Vaster Capital experts have gone over recent trends and statistics that point to why South Florida is a hotspot for commercial real estate.
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