Most of our South Florida readers already know that the local area is a great place to live. But, according to a recent article, it appears that South Florida is also quickly becoming known as a great place to set up shop as well.
The recent article noted that the number of corporate headquarters located in South Florida has been increasing over the last few years. A number of headquarters have actually relocated to South Florida from other states, while other corporate headquarters that were already located the local area have expanded. This is all good news for the local commercial real estate market.
The article noted that Palm Beach County alone is home to 60 corporate headquarters. Some commentators are of the opinion that diversity in the workforce in South Florida, coupled with low taxes, can be a big draw for businesses and corporations. More companies are expected to consider South Florida for their corporate headquarters in the future as well, with local agencies working hard to sell the positive aspects of the local area. Another factor that may be helping in no small measure: economic incentives.
A company’s decision to expand or relocate is never an easy one, but the allure of office buildings being sold or leased on the cheap is a strong draw. While commercial property values in South Florida have been on the rebound alongside the strong recovery in residential real estate, commercial property values are still lagging behind. It appears, however, that this may change as more companies begin to see the benefits of relocating or expanding in the South Florida area. If this is the case, property values in the commercial real estate sector are sure to rise.
Source: Sun Sentinel, “South Florida lures more corporate headquarters,” Marcia Heroux Pounds, Jan. 19, 2014