Commercial real estate market resurging in South Florida

Commercial real estate market resurging in South Florida

In Southwest Florida, recovery from the recent recession has never looked better. As part of this recovery, the state's commercial real estate market has been steadily resurging. This market experienced hard times a couple of years ago after residential construction essentially imploded in 2006.

The commercial market's comeback is a reflection of the state's previous residential recovery. This shows that the building of homes does play a huge role in the state and local economies. When people buy houses, individuals in many sectors are able to return to work; these include electrical contractors, plumbers, drywall professionals, air conditioning contractors and lenders.

The demand and supply for Florida's residential market has been remarkably stable. The turnaround really happened when builders had enough foresight to purchase land at cheap prices before the market got going once again. Regarding commercial property, retail space is springing up in South Florida, including new automobile dealerships for Audi and Harley-Davidson, and vacancy rates for retail, industrial properties and office space are slated to drop modestly. It's important to note that the national commercial market does have an impact on the local one; prices of commercial property are expected to increase nationwide by 10 percent this year.

The Florida economy is expected to continue recovering in the near future. This bodes well for the commercial real estate market in the Sunshine State. For those who are interested in completing real estate transactions -- from either the buying side or the selling side -- an applied understanding of related laws may help them to seamlessly accomplish their goals.

Source: news-press.com, "Real estate market hits era of good feelings", Dick Hogan, Nov. 6, 2014