More real estate projects are pushing into South Florida

Despite nearly five years of plateau in its office-space segment, the South Florida real estate market is now on the rise, evidenced by new office buildings all set to open within the year. This welcome development is fueled by a growing number of renters, mostly in the submarkets. Image source: miamicentral.com While this does not yet signify an official boom, multiple projects are being planned in the area in a huge effort to meet increasing demand. Residential construction has dipped a little through the first eight months of 2017, but nonresidential construction, including various types of commercial real estate, has gone up by 36 percent to $3.8 billion. The rationale is, there having been few constructions in South Florida for quite a while, the amount of vacant space has declined. The yearly net records of office spaces have been steady, yet higher rents in certain submarkets have made new developments attractive, paired with consistent growth of ...