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 jobs in the financial and professional sectors. 

Metrics are proving that for South Florida to attract even more companies, it must focus on building innovations and improved designs, keeping in mind the growing number of younger workforce mostly made up of millennials. As of the second quarter of 2017, South Florida has had 1.08 million square feet of office space under construction, with some buildings opening soon. 

Some noteworthy new projects include All Aboard Florida, which is set to occupy Three Miami Central in downtown Miami. This is part of the development around the Brightline passenger rail station that will include apartments, retail, and restaurants. Another is the 800 Waterford office building which opened last summer and is now already 25-percent leased. 

Image source: thenextmiami.com

Pedro Martin is the Chairman, Chief Executive Officer, and Co-Founder of Terra Group. He has also been awarded Developer of the Year by the American Institute of Architecture. For more on his company’s work, visit this officialwebsite.