Many of our previous posts here have covered the relatively good news that usually comes out of the South Florida residential real estate market, but it seems that the commercial real estate market is beginning to see some good news as well. Not only are more companies making the decision to set up headquarters in the South Florida area, a recent report indicates that retail commercial property is also experiencing quite a resurgence.
The report noted that retail investors and builders are not only looking into renovating commercial properties in the local market, they are also looking into expanding existing properties. Some of our South Florida readers may have noticed that some retail areas are eschewing the old model of huge interior shopping malls and instead are embracing a concept that is gaining in popularity throughout the country -- the concept of "open air" malls and retails centers.
Of course, the climate in South Florida is ideal for open air shopping centers. The recent article noted that even though many consumers are shifting their shopping habits more towards completing transactions online, open air retail centers still seem to have an appeal in South Florida, perhaps tied to the health of the residential real estate market.
It seems that all three of the major South Florida counties are seeing projects that include the expansion or renovation of retail shopping centers. Companies and investors are not only looking at the local market in terms of setting up office buildings and storing their inventory in warehouses: they are looking to provide goods and services that the burgeoning South Florida population desires. But, as they do so, they are likely to encounter legal complications that will need to be addressed.
Source: Miami Herald, "Mall mania! Hot shopping spots expanding across South Florida," Nicholas Nehamas, Feb. 28, 2016