With sunshine, beaches, international culture, entertainment, and a low tax environment, South Florida carries innate and lifestyle traits that continuously bring new residents to settle in town. During the COVID-19 pandemic, the trend has only intensified. Little to no lockdowns or masking restrictions and an open economy, coinciding with a state and local governmental push towards tech innovation, has stirred an influx of affluent professionals relocating to the area. The high level of in-migration has helped keep pandemic blues short-lived within many regional industries and market sectors, including South Florida’s commercial real estate market.
As reported by Miami Today News, 330,000 people moved to Florida between April 2020 to April 2021. Among new residents from within the United States, most migrate from northern states like New York and New Jersey and mostly settle in South Florida. In a Forbes article, Daniel de la Vega, president of South Florida’s ONE Sotheby’s, points out that home buyers in this environment are primarily 40 to 60 years old and mostly hedge fund, private equity, and finance professionals oftentimes connected to the area’s burgeoning tech movement.
The migration has helped Florida’s economy largely bounce back after initial lockdowns and disruptions caused by the coronavirus health crisis. In fact, Florida ranked #8 in fiscal stability and #10 in economic standing nationwide in 2021 under the US News & World Report. The state’s commercial real estate market remains among the top in the nation. The National Association of Realtors, in its Commercial Real Estate Metro Market Reports for the fourth quarter of 2021, reveals that nine of the top 15 cities with the strongest commercial real estate market conditions in the country are currently in Florida, including Miami.
Miami and the overall South Florida region remains a coveted market with a rich mix of luxury residential and condo projects as well as high-end office spaces and commercial buildings. MMG Equity Partners calls South Florida’s commercial property market “a hot commercial real estate investment opportunity” thanks to the area’s population and business growth, a competitive workforce, living incentives such as an enticing tax climate, a high level of foreign direct investment, and high yields on investments. All of these factors create the economic conditions for continued growth and a positive outlook for 2022 and the coming years.
MV Group USA celebrates the market’s resiliency and remains committed to contributing to the ever-changing South Florida skyline. The design-build firm, operating in South Florida since 2007, has revitalized some of the most iconic hi-rise condo and office spaces in the region, including Residences by Armani Casa in Sunny Isles Beach and Paramount Miami World Center in the heart of downtown Miami. The team of LEED-certified professionals also produces commercial projects from the ground up. Led by President and CEO Manny Angelo Varas, the company often works with renowned architectural and interior design firms, in addition to holding in-house design centers of its own at eight luxury hi-rise commercial properties. As the industry continues to attract investors and developers, MV Group USA stands as a reliable partner for the realization of development projects of all types.