Florida's economy will become the 16th largest in the world this year when gross product passes the $1 trillion mark, expected to happen by 2018. Factors driving this force are declining unemployment, declining vacancy rates and strengthening real estate prices. This should keep South Florida's commercial real estate market strong across office space, retail and industrial markets. In Miami the population continues to rise and the city has an unemployment rate of 5.5%. Miami has seen a glut of projects move toward completion and open over the past several years, with several more in the pipeline including Miami WorldCenter, Brickell City Centre and Design District. Despite that commerical vacancy rates in Miami continued to fall and major companies look to expand their footprint in the city including Ernst & Young. Fort Lauderdale & Broward County's unemployment rate is currently 4.6% with continued job growth expected. Office vacancy rates dropped to 9.4% and rental rates are expected to rise to adjust to the falling inventory levels. Opportunities for development in Fort Lauderdale over the next year will be in retail and multifamily projects. Domestic and international investment and interest are expected to remain strong for South Florida though 2017.
The Real Estate Mogul's Guide to South Florida
