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The CEO of the related group, Jon Paul Pérez and the founder of Integra Investments, and the Association of Builders of Southern Florida, Nelson Stabile, React to data that show tens of thousands of great winners fled New York for Florida, bringing their wealth with them.
Retailers are going mass to Florida.
That is evident since retail vacancies in West Palm Beach are practically non -existent this year, with occupation rates that approach the highest record, a trajectory almost a decade in process, according to Ken Himmel, the president of Ross related.
Himmel attributed this demand to the “deliberate and sustained migration of individuals, financial executives and technological leaders of high heritage of the southern Network of Florida” since the first days of the pandemic of the Coronavirus in 2020.
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“With almost 90,000 new residents added to Palm Beach County in a few years, the evolution of the city from the seasonal season to the city throughout the year has been rapid and strategic,” Himmel said.
The dynamic economy of the State, the growing population and the favorable fiscal environment make investing in commercial real estate in the state of Sunshine is highly profitable, according to the Commercial and Industrial Real Estate Steinbauer Associates, Inc.
The ships docked next to the single -family houses in Palm Beach, Florida, USA, on Wednesday, April 7, 2021. (Marco Bello / Bloomberg through Getty Images / Getty Images)
Cityplace, a neighborhood in West Palm Beach, is expanding in more than 125,000 square feet with new retail brands such as equinox, clothing brands such as ALO and Reforma, high -end makeup retailers such as Bluemercury and retail stores at home such as Crate & Barrel.
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“As the main companies and investment institutions open nearby offices, they bring with them a highly educated and well -compensated population that seeks high lifestyle experiences,” Himmel said. “This demand is being fulfilled by integrated and mixed use developments such as Cityplace, which combines offices, residential and commercial in a highly passable district that created the built -in pedestrian traffic and a constant flow of demand that helps boost vacancies rates below 3%, even when new square feet enter line.”
West Palm Beach Skyline has Royal Park Draw Bridge, West Palm Beach, Florida. (Visions of America/Joseph Sohm/UCG/Universal Images Group through Getty Images/Getty Images)
Himmel said developers are working quickly to meet demand.
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“As financial services and innovation centers are rooted in the city, retail trade is increasing in parallel and feeding a self -sufficient cycle of growth and demand that continues to accelerate,” he said.
Kelly Lyles of KL International Realty has also witnessed an increase in retailers who move to Florida.
“With companies like Foot Locker that move from New York to St. Petersburg, many retailers seek to increase their footprint throughout the state of Sunshine,” Lyles said, and added that some companies that already have a significant presence of Florida in the state also seek to expand. Publix, for example, plans to open a 50,000 square feet supermarket in Panama City Beach.
West Palm Beach, Lagoon and Marina de Lago Worth. (Photo of: Jeffrey Greenberg/Universal Images Group through Getty Images) (Jeffrey Greenberg / Universal Images Group through Getty Images / Getty Images)
“Florida is a diverse state with a growing population and has always been a place where people sought to relocate. However, today, low taxes and the lowest cost of living are promoting both consumers and retailers,” Lyles said.
