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Surpassing the Competition: South Florida Dominates the Nation’s Real Estate Market

In downtown Miami, construction is underway for Florida’s tallest office tower, spanning 1.5 million square feet, set to be occupied by companies new to the state. Additionally, St. Regis and Waldorf-Astoria branded condo towers are in the works, with units already reserved through buyer deposits.

Similar developments are taking place in West Palm Beach, where the presence of major financial firms like Goldman Sachs and Blackrock has driven office rents to record highs. New workplaces with premium amenities are emerging along the waterfront, alongside plans for condos to accommodate future employees.

Florida’s property market is thriving, attracting a wave of professionals. The state is no longer just a refuge from pandemic restrictions, but a permanent hub for a growing number of high-earning individuals who bring in jobs and substantial incomes. Florida is now the top destination for professionals aged 25 to 36 earning at least $200,000. The influx of affluent newcomers, combined with a shortage of housing, has led to soaring real estate prices.

While Florida’s market is flourishing, there are concerns about affordable housing. Over 1 million residents in the state are spending more than half of their income on housing, according to a report by the Florida Policy Project. To address this, policymakers are working to incentivize the development of more reasonably priced apartments.

Miami, in particular, is experiencing a surge in demand. Corporate relocations have increased by 33%, and the total assets managed by financial firms in the city have soared to $390 billion. Developers are working to fill the need for quality office space, as vacancy rates are low compared to other major cities.

As the population continues to grow, Florida is projected to maintain its real estate momentum. By 2030, the Miami metropolitan area is expected to expand by an additional 7%. This growth, coupled with favorable economic conditions, suggests a sustained period of expansion for the state’s real estate market.

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