Commercial Real Estate Construction Up in 2017
Posted on October 24, 2017
In South Florida, construction of commercial real estate projects increased 3 percent in the first half of 2017 from year-end 2016. Although residential project starts decreased by 26 percent, the office market, health care, hotels and industrial sectors have increased. These new construction projects will escalate, in some neighborhoods, the shifting needs of residents and daily commuters. This, in turn, will impact nearby real estate projects.
On the office market front, Modernizing Medicine, a fast-growing health care technology company based in Boca Raton, Fla., recently announced its plans to develop new corporate headquarters to accommodate the more than 800 new employees it expects to hire. With a rise in workforce, the surrounding residential and lifestyle centers will face growing demands. For retail shops and shopping center owners, it could be a boon to business. Similarly, in Hollywood, Fla., a guitar-shaped expansion of the Seminole Hard Rock Hotel and Casino, which will include a 36-story, 800-bed hotel/casino complex, is expected to attract more tourists and consequently generate more business for restaurants, shops and other retail activities nearby.
This growth, however, is not limited to South Florida. For example, in the Orlando, Fla., area, ADP is preparing to move into its 221,000 square feet regional headquarter while more than $1 billon is being invested in the redevelopment of Lake Nona to include office, industrial, retail, and entertainment space as well as 100-bed teaching hospital. In Central Texas, more than 928,000 square feet of new office space opened in the second quarter, and in Austin alone, more than 29,000 jobs were created in the past 12 months, a 2.9 increase over the prior 12-month period.
The professionals with Orion Real Estate Group work with investors, developers, property owners and brokers through all phases of real estate transactions, from strategic planning and analysis to financing, negotiation, property management and disposition. For more information, call (305) 278-8400 or email info@orionmiami.com.
