Related Group CEO Jon Paul Perez and Integra Investments Founder and Builders Association of South Florida President Nelson Stabile responds to data showing that tens of thousands of high-eaters New York fled for Florida, making their wealth with it.
Retailers come to Florida.
That is clear as vacancies in the retail trade in West Palm Beach this year hardly exist, with occupancy rate approaching record highs, a route in the making for almost ten years, according to Ken Himmel, the president of related Ross.
Himmel attributed this requirement to the “deliberate and persistent migration of HoognetWorde Persons, financial managers and technical leaders on South Florida” since the early days of the Pandemie Coronavirus in 2020.
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“With nearly 90,000 new inhabitants added to Palm Beach County in a few years, the evolution of the city of seasonal resort city is fast and strategic throughout the year,” Himmel said.
The dynamic economy of the state, the growing population and the favorable tax environment make investing in commercial real estate in the Sunshine State very profitable, according to commercial and industrial real estate agent Steinbauer Associates, Inc.
Boats that are moored next to single -family homes in Palm Beach, Florida, US, on Wednesday 7 April 2021. (Marco Bello / Bloomberg via Getty Images / Getty images)
Cityplace, a neighborhood in West Palm Beach, is expanding with more than 125,000 square feet with new retail brands such as Equinox, clothing brands such as ALO and Reformation, high-end makeup retailers such as BlueMercury and home shops such as Crate & Barrel.
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“While top investment companies and institutions open in the neighborhood, they bring a highly educated and well -compensated population in search of increased lifestyle experiences,” said Himmel. “That demand is met by integrated developments for mixed use such as Cityplace, which combines office, residential and commercial in a highly walkable district that has created built-in foot traffic and a steady electricity of demand helping to push the vacancy rates below 3%, even when new square meters come online.”
West Palm Beach Skyline offers Royal Park Draw Bridge, West Palm Beach, Florida. (Visions of America/Joseph Sohm/UCG/Universal Images Group via Getty Images/Getty Images)
Himmel said that developers work quickly to meet demand.
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“While financial services and innovation hubs are rooting in the city, the retail trade rises parallel and feeds a self -sufficient cycle of growth and question that continues to accelerate,” he said.
Kelly Lyles from KL International Realty has also witnessed an increase in retailers moving to Florida.
“With companies such as Foot Locker moving from NYC to St. Petersburg, many retailers want to increase their footprint in the Sunshine State,” said Lyles, adding that some companies that already have an important presence in Florida in the state also want to expand. Publix, for example, is planning to open 50,000 square foot supermarket in Panama City Beach.
West Palm Beach, Lake Worth Lagoon and Marina. (Photo by: Jeffrey Greenberg/Universal Images Group via Getty Images) (Jeffrey Greenberg / Universal Images Group via Getty Images / Getty Images)
“Florida is a varied state with a growing population and has always been a place where people wanted to move. Nowadays, however, low taxes and lower costs of living are both consumers and retailers here,” Lyles said.
