Restaurants strong in Florida commercial real estate market

Restaurants strong in Florida commercial real estate market

The commercial real estate market continues to show promise in Florida, particularly in Palm Beach County. One aspect of the commercial real estate market that is especially promising are restaurant properties. This is because increased demand combined with rising prices is attracting many different types of eateries.

Demographics in the area -- a heavy middle class and high-end class -- are ideal for restaurant owners. In addition, the population in this part of Florida is on the rise and so is tourism. The economy is also bustling here.

In addition, the rise in home prices is leading people to eat out at restaurants more, as people are starting to feel better about their financial circumstances. One higher-end restaurant, called Houston's, is planning its third Palm Beach County location in the city of Boca Raton, where restaurant growth is especially strong. On the lower end, Chipotle is making plans for its fifth location in Boca Raton, which will be located in a shopping center. Restauranteurs are attracted to the millions of square feet of space in the area, particularly units which was previously occupied by eateries, which can translate into major cost savings.

The commercial real estate market continues to draw entrepreneurs in Florida thanks to the many signs of future success that the state is exhibiting. However, making a mistake when entering into a commercial lease agreement can be costly. Proper legal guidance may help business people to successfully handle even the most complex commercial lease agreements in the Sunshine State.

Source: therealdeal.com, "Palm Beach County Restaurant Real Estate", Dan Weil, Dec. 29, 2015