A state's demographics can have a huge impact on the success of local business. These same demographics can affect the state's commercial real estate market. Right now, Florida's demographics appear to be stellar, so the state's future will likely be bright.
It is projected that Florida this year will surpass the state of New York in terms of population. It is expected to have more than 19 million people. If this happens -- if it hasn't already taken place -- Florida will be behind only Texas, with 26 million people, and California, which has 38 million.
The state of Florida's population is also expected to have grown by 22 percent when 2030 arrives. A large percentage of the most quickly growing groups will include people at retirement age. The growth is happening, in part, because more individuals are being born than dying in the state. Also, an influx of people are moving into the state versus moving out of it. This includes Americans moving from other states to Florida as well as international people relocating to Florida.
People from several continents, including Asia, South America, Central America and Mexico, are migrating to Florida, and it is expected that this trend will continue. It's for these reasons that now may be an ideal time to purchase commercial real estate property. The demand for a place to live, including apartments and condos, doesn't seem to be slowing down anytime soon, and this property may increase in value in the coming years. Proper legal guidance can help people to successfully execute real estate deals so that they can accomplish their goals in Florida.
Source: naples.floridaweekly.com, "Money & Investing", Jeannette Showalter, Oct. 2, 2014