Florida is one of those states that immediately invoke thoughts of sunshine, lazy palm trees, warm beaches, mickey mouse, key lime pie, hurricanes and alligators. Florida is filled with both opportunity and beauty for people wishing to live both here as well as those wishing to capitalize on the lucrative real estate market that Florida has found itself in for sometime now. Well, Florida is mostly hot and humid throughout the year, if a hurricane does not run you over a wave at the beach will most likely will.
As the old real estate marketing ideological strategy goes, “location, location, location,” and Florida is filled with exactly that. Depending on the part of Florida you are considering investing in there is a different essence to it; while most of the states appeal is found towards the south and around the coast, there is always some market willing to invest money. Not only in personal property but commercial ones as well.
Florida is a special place. Being one of the most populated states in the United States and growing, the commercial possibilities in Florida have flourished into something that will generate lots or revenue from commerce being established in this part of the country. According to business and investment analysis, there are three main factors that affect commercial and residential real estate, and these are the same reasons why Florida has been a state with positive growth in real estate: population, employment and economy. Here are the top reasons why Florida is such an attractive market for commercial real estate.
1. Population
Florida is the third most populated state in the United States, just behind California and Texas. Florida’s real estate is mostly maintain by it high population, which amount to slightly twenty one million residents, respectively. Due to this, there is a high demand for residential housing, which can greatly attract commercial attractions for profit. All of a states real estate is based on its population and Florida’s population, as stated above, is steadily rising, soon to exceed twenty two million. This means that demand for housing and commerce will continue to rise, offering those who wish to capitalize the means and opportunity to do so.
Along with immigration of people from other states and countries there will be a continued demand for more housing, bringing in more possibilities for commercial real estate.
2. Economy
Another byproduct to a state’s real estate commercial lucrativity is the state’s economy and the sunshine state of Florida is no exception to this fact. As stated above, the warm beaches, disney, and blending of many different cultures attract people to the state; tourism alone hit the trillion mark in 2018, showing the opportunity that state has to offer commercial real estate for investors.
Florida’s economy comes in at forth place in the amount of gross domestic product generated (GDP) by all fifty states. The only states to top Florida’s GDP are California, in first place, Texas, in second place, and taking the bronze, New York. Though California’s economy is almost double what Florida produces, the sunshine state does not fall far behind the other two states. These are signals of Florida’s potential in the commercial real estate market, making it one of the greatest states to invest in.
3. Employment and Unemployment
A factor that correlates with Florida’s growing economy is a fruitful employment rate. Florida is in the top ten states with the highest job growth in the country; Florida comes in at number seven, with Idaho claiming first place in the highest job growth rate in the country. This means that there will be more jobs in the future, of course. Along with bring in more jobs, this will increase commercial and residential real estate, only increasing the lucrativity and increasing the states appeal in this market.
Now the negative part. As you may already, this is pretty obvious, but the areas within the state are the best to capitalize on. Low unemployment means that the area, city or town, will have a greater possibility being economically sustainable in the field of commercial real estate.
4. Low Taxes
Florida’s low tax rate also draw in many people to consider purchasing homes in the state of Florida. This also can benefit businesses and commerce looking to be established within the state itself. Currently, Florida is said to be one of the most tax friendly states in the whole, ranking the top five in the country, it is currently 1.02 percent, slightly lower than the national average, Which is a major factor when considering a move.
5. Quality of Life
As stated before, Florida is spring and summer break year round. Annual temperature are at an average of 81 degrees, while the average lowest is 60 degrees. This shows a consistent climate that does is not capricious, the only real threat to commerce and people’s homes are the hurricanes and tropical storms and the depressions that occur annually.
If you have children you are in luck, because Florida is ranked amongst the top states for basic and higher education, meaning your children, teenagers, and young adults will not be excluded from a proper education.
Florida for some time now has become a state where real estate can thrive and investors of this field of business can adequately capitalize on the lucrativity which is found on this oddly shaped state. Population is a good indicator of good business to be made in real estate; Florida’s population is one of the highest in the country and growing, along with its economy. The more people that migrate to a state the more the potential for the economy to grow. Florida’s employment rate is growing as well, showing a opportunity to establish business and commerce with in it sustainable areas. Florida’s taxes are the lowest in the country, and quality of life is ideal and desirable, all of which contribute to an attractive real estate market.
Commercial real estate can really thrive in Florida, especially in terms of its residential population and the vibrant tourism that visits Florida every year. There is a lot of money to be made in Florida, commercially.
