Authors: James L. Berger and Katherine Amador
When the Greater Fort Lauderdale Alliance branded its tagline several years ago, “Life. Less Taxing,” it seemed a fitting promise. With no state income tax, a generally lower cost of living, and higher quality of life than many other more densely populated markets, South Florida has long attracted many newcomers and a tremendous level of foreign investment, but was never really seen as a relocation target for businesses headquartered in the major business centers.
Despite the historic lack of business relocation to South Florida, the real estate marketplace continued to thrive and we witnessed extraordinary growth and revitalization of our downtown districts and the tremendous redevelopment success of areas such as Midtown and the Design District in Miami-Dade, Flagler Village in Broward County and City Place in Palm Beach County.
South Florida’s success and its reputation as a great place to work and live, as well as its growing reputation as a multi-cultural center, a favorable cost of living, the lack of a state income tax and the growing reliance on technology, has encouraged many businesses to start to look to South Florida as a possible destination to relocate a home or regional headquarters. And while the pandemic certainly caused a temporary halt to such activities, in the end, the pandemic has only served to accelerate this trend and South Florida’s real estate economy is seeing positive results.
View the entire article in the South Florida Business Journal.
