The general economy has bounced back since the Great Recession of the early 21st century which lasted for 19 months from December 2007 to June 2009. Of all of the states in the United States, Florida’s economy, since the Great Recession, has grown in leaps and bounds compared to most of the other states. The economy grew an estimated 3.5 percent in Florida which is ahead of the 2.5 percent national metropolitan average.
Some of the fastest growing commercial growth in Florida is found in the lodging and food services businesses, construction, transportation and warehousing, and retail, to name a few.
Some of the most up and coming commercial growth can be found in South Florida, the southernmost part of the state. Where are some of the areas in South Flordia that are ready for commercial growth?
The city of Parkland, in the Broward County/Miami-Fort Lauderdale area, is one of the fastest growing cities in South Florida. With a population of approximately 23,962 in 2010, that population has increased 17.4 percent in the following five years with a current population of approximately 28,128. This residential area acknowledges the need for commercial development, and it is this development that is primed for growth tied to a conservative approach to maintaining a small-town feel. The right commercial developments tailored for the area are welcome by the city of Parkland.
Coconut Creek, with a population of 56, 792 is a fastly rising city in Broward County/ Miami-Fort Lauderdale area. One of the main projects for the city is its Mainstreet Project, a major commercial endeavor that currently features the Promenade and the Seminole Casino Coconut Creek. Requests are in the works to build approximately 50,000 square feet of retail space for the project, in addition to other goals for the area.
Homestead, a city in the Miami-Dade County area, has grown from a population of 60,509 in 2010 to an estimated 69,533 in 2015. The real estate market is ready for growth in Homestead. This is vastly different from a previous homestead that consisted of primarily military and agriculture businesses. The right residential real estate developers with the appropriate plans can make headway in Homestead. The more residential developments creates more commercial developments in the form of retail and more.
South Miami is in the Miami-Dade County area. In 2,000, the population was 10,741 and has grown steadily ever since. Studies indicate that the commercial real estate sales are rising in both volume and numbers. This will also further lower unemployment rates as more jobs are created as a result of the growth. There should be an estimated 7.5 million jobs created in the area within the next three years.
Commercial growth in South Florida overall is looking good for developers and investors for at least the next few years. The economy continues to improve, making the area a smart and prosperous place to build. With a stable economy and commercial growth, more jobs are created, and unemployment rates continue to lower.