Commercial real estate in South Florida is booming like never before, with major companies moving into the South Florida markets. Some of the biggest growth is being seen in the hospitality, office and retail industries. Major hotel chains in South Florida are finally recovering from the pandemic slump when occupancy was often under 10%. Today, they are seeing full capacity occupancy at even higher rates than they were able to charge in the pre-pandemic world. This is causing many in the hospitality industry to have their eyes on South Florida for expansion, even more than before. Commercial real estate for sale in the Florida Keys has also seen an uptick as well. Large hedge funds, private equity firms, and venture capital firms have been moving into the Miami market in huge numbers over the past year as well, and bringing with them a large working pool.
All eyes in the commercial real estate world seem to be set on the South Florida area. But, why South Florida? Simply put, our tax climate has always been favorable to big business. With pandemic-era policies put in place, our tax climate is now even more attractive to business owners. South Florida, Miami in particular, is a large metropolis with the infrastructure and framework to support these types of industries. Combine this with the climate and lifestyle that many Americans around the country are preferring these days and it is easy to see why commercial real estate is thriving today in South Florida.
So, what does this mean for the Florida Keys? Real estate in the Florida Keys is trading quicker and for higher prices than anytime seen in recent history. Luxury homes for sale in the Florida Keys are highly in demand as these executives and titans of industry are flooding into South Florida. Much like the Hamptons in New York provides a beautiful weekend escape for New Yorkers, homes in the Keys are quickly becoming popular as a weekend vacation spot for those who work in business in Miami. This trend is driving the luxury real estate market in the Keys, and looks to continue for the foreseeable future as more and more businesses, large and small, expand and relocate to our backyard!