21 May As Corporations Continue to Move South, South Florida’s Real Estate Market Gets a Boost
It’s no secret that Miami, Fort Lauderdale and the surrounding South Florida areas are quickly becoming global commercial hubs for large businesses. Local government restrictions and high taxes in Northeast and West Coast cities are driving many corporations south to explore all that Florida has to offer. Goldman Sachs, Citadel, SoftBank, Microsoft and Apple are just a few household names scouting for South Florida office real estate.
The migration of big-name corporations to South Florida has not only helped to revitalize cities and neighborhoods, but also contributed to the booming real estate market. As more companies set up shop in cities like Miami and Fort Lauderdale, more people are flocking to neighborhoods closer to the opportunities that those companies can provide. A Miami developer, Related Group, is developing over 10,000 residential condo units to help meet the demand of office workers moving south. Commenting on the changes in South Florida, Jorge Pérez, chairman and CEO of Related Group, said, “We’re seeing a huge upsurge in corporate relocations and individual relocations. We think Florida will be the place to be over the next decade.”
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