Commercial real estate is constantly evolving and adapting to changing market conditions and consumer preferences. As we enter 2023, there are some key trends that are shaping the commercial real estate landscape in Florida. Here are the top five trends that you should know about:
- E-commerce growth. The pandemic accelerated the shift to online shopping and delivery services, creating a huge demand for industrial space in Florida. Warehouses, distribution centers, fulfillment centers, cold storage facilities, and last-mile delivery hubs are all in high demand as e-commerce companies seek to optimize their supply chains and meet customer expectations. According to CBRE’s U.S. Real Estate Market Outlook 2023 report1, industrial rents in Florida are expected to grow by 6% annually over the next five years.
- Office flexibility. The pandemic also changed the way people work and use office space. Remote work became more prevalent and acceptable as employers and employees realized its benefits and challenges. As a result, office tenants are looking for more flexibility in their leases and space configurations. They want shorter terms, smaller footprints, lower costs, more amenities, better technology, and more options to work from anywhere. According to Compass Real Estate’s About Us page2, they are building the first modern real estate platform that pairs the industry’s top talent with technology to make the search and sell experience intelligent and seamless.
- Mixed-use development. Mixed-use development is a trend that combines different types of uses in one project or location. For example, a mixed-use project may include residential units above retail shops or office space next to a hotel or entertainment venue. Mixed-use development offers several benefits for developers, tenants, residents, and visitors
