The real estate market in Florida was like a deflated balloon during the Great Recession of 2008. Now, however, the commercial real estate market has ballooned and is soaring. One particular area that is drawing attention is Jacksonville.
Although other real estate markets throughout Florida have been able to recover from the recession in recent years, Jacksonville has seemed to fall behind. All of that is changing now. Mixed-use developments in the downtown Jacksonville region specifically are booming. One popular mixed-use development in Jacksonville, called 220 Riverside, has apartments along with condos and a venue for events, thus serving as an attractive area to live, work and play.
Although some people thought industrial buildings would be most likely to rebound first from the recession, retail in Jacksonville has actually recovered more strongly than anticipated. For example, unused shopping centers are being filled with brand new outlets, including Wal-Mart Supercenters. In 2013, essentially all sectors of the real estate world had begun to liven up again, with office markets now featuring lower vacancies as well.
Building came to a halt when the recession hit simply because businesses were shrinking instead of growing. However, Jacksonville is now a hot spot for developers and investors. Whether a person is interested in buying, selling or developing apartments, condos, restaurants or trendy stores, now appears to be an ideal time to pursue commercial real estate deals in Florida. Obtaining advice about laws applicable to such deals can help a person to achieve success as they look to expand their business opportunities in our state.
Source: Financial News and Daily Record, "Projects like 220 Riverside leading return of commercial real estate", Carole Hawkins, April 29, 2014