Despite struggling with COVID-19, development is humming in South Florida. From Miami Beach to Hollywood, FL, offices and casinos are making the biggest waves.
It’s all about office space
Miami Beach’s mix of business-friendly policies, walkable neighborhoods and warm climate has proven enticing. The city has fought to attract financial services and tech companies, and now their efforts are paying off.
Multiple Class A office buildings are now in development, and their construction can’t seem to come soon enough. Demand for office space has driven up rental prices 10% year over year to $57 per square foot.
Traditional tourism driving casino construction
The traditional money-maker for the area, tourism, is super-charging casino development. Multiple new properties are planned in Broward and Miami-Dade counties.
Some developers are jumping on multi-family, retail and more in the surrounding areas. But others are skeptical, believing casinos aren’t great neighbors. They point out that trying to profit through proximity has been a losing gamble in places like Atlantic City in the past.
Whatever happens, there’s no denying it’s sunny times in South Florida these days.