Investing, Relocating, and Business Expansion into the Florida Market

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Thinking about moving to a business and tax friendly environment?  Florida may be just the spot- “Approximately 950 people a day are moving to Florida, especially since the Covid outbreak. Instead of paying $3000 a month for a studio apartment in Manhattan people are moving to Florida for a resort lifestyle.”-  Article by Diane Feen, Florida Delray Newspaper.

McGuire Development’s Florida office is your Real Estate resource to meet all of your relocation or expansion needs. We are currently working with clients and have seen an increase in decision maker interest in growing their reach to the Florida market, with rapid timelines. Weather, a friendly tax structure, and an advantageous business environment are just a few of the reasons and COVID-19 is only accelerating the trend.

Investing and relocating in Florida, especially in a post COVID environment, businesses are forced to function on a more flexible, virtual scale. Our team has extensive experience assisting with an out of state acquisition, or new lease.

According to the Emerging Trends in Real Estate United States and Canada 2021 – Final Report from PwC and the Urban Land Institute, which provides outlook on real estate investment and development trends: “Geographic Shifts: since COVID-19 crisis began, the markets that offered a good combination of economic diversity and relative housing affordability, along with less exposure to industries affected by COVID-19 (such as leisure and hospitality), outperformed. Florida Boom markets: Sarasota, Tampa/St Petersburg, Fort Myers.”

So what types of investment pieces are active in Florida right now? Keeping up with the Multifamily and residential market is a daily feat: “In Palm Beach County new single-family home contracts over $1 million saw a 268 percent increase compared to last year. Florida residents pay no state income or estate tax and receive a homestead exemption of up to $50,000 on a primary resident. The lure of Florida has caused new sales of condos and co-ops in Manhattan to plunge 60 percent.”-  Article by Diane Feen, Florida Delray Newspaper.

Overall real estate prospects from Emerging Trends in Real Estate 2021 Report shares the top US markets to watch are Florida cities such as: Tampa/ St. Petersburg, which placed inside the top 10 at #6, and overall inside the top 35: Naples/Fort Myers at #16, Orlando #24, Jacksonville #29, Miami #30, and Fort Lauderdale at #33. Our service offerings in South Florida are tailored to assist with different acquisition types and keeping a sharp eye on impressive investment assets across the state.

Emerging Trends in Real Estate 2021 Report lists Sun Belt markets in Florida among the fastest growing cities in the US: With 16 percent of the Emerging Trends universe’s population, Super Sun Belt markets will generate 28 percent of its new jobs between 2019 and 2025. Tampa/St. Petersburg is ranked in the top 10 for overall real estate prospects.

Not sure if the job market supports an expansion of your business to Florida? Job growth in all four locales: Miami, Fort Lauderdale, and West Palm Beach, plus the northern Florida city of Jacksonville has been and is forecast to be well above the U.S. average, and the three South Florida markets have science, technology, engineering, and mathematics (STEM) scores almost double the U.S. average. – Emerging Trends in Real Estate 2021

If considering relocating personally or exploring expansion of your business to Florida, please reach out to Brian Askey, Assistant Vice President, Real Estate Services Florida, Fort Lauderdale Office: 716-908-8644 or [email protected]

(On those days when you miss Buffalo cuisine, there’s always overnight shipping for your favorite foods from your favorite places!)

Sources:

https://delraynewspaper.com/brace-yourself-everyones-moving-to-florida-31636

Emerging Trends in Real Estate 2021 Report from PwC and the Urban Land Institute

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