In South Florida, one area of real estate that is booming is the hospitality sector. Hotel investment, management and development firms are springing up because investors are regaining confidence in this aspect of commercial real estate. It appears that the flourishing Florida tourism industry is contributing to this trend.
Some of the areas that are growing in terms of tourism include Monroe, Miami-Dade, Broward and Palm Beach counties. This has been taking place for a long time, and there are no signs that this demand will slow down anytime soon. Broward County, in particular, had 56 straight months of growth with regard to hotel occupancy. The figure for Palm Beach County is 50. In addition, room rates have increased in both of these counties.