When you ask many people about Florida the first thing that comes to mind is “vacation”. While Florida does have some of the best beaches and the top tourist attractions in the country, it’s also quickly becoming a hub for high-tech industry that rivals even Silicon Valley. Business owners are rushing to take advantage of Brevard County’s vibrant, growing economy by investing in our commercial property market.
“The Space Coast’s innovation stock is rising, and is rivaling some of the bigger cities in the nation for the top spot of technologically-advanced locations,” said Dr. Abram Walton, EDC Innovation Council Chair and Associate Professor – College of Business at the Florida Institute of Technology (Space Coast Daily)
What are some things you should know about the commercial real estate market on Florida’s Space Coast?
Let’s take a look at some trends in the commercial property market today.
Demand Is Outpacing Supply
Prices are being pushed higher as the demand for commercial property nationwide is beating the pace at which new properties can be constructed. This is especially true for rapidly growing locations on the bleeding edge of industry like Brevard County. As a buyer, this means you’re going to have to work a little harder (and smarter) to find a good deal. If you’re a seller then you’re in a fairly enviable position, as this trend of greater demand is likely to continue well into 2017.
Rise of the Workplace as a Brand
When you look at other high-tech industry giants, Google is one great example, you will increasingly see the workplace environment put front and center. Google has an entire campus full of amenities for its employees, including gyms, yoga studios, libraries and even places to sleep. In many tech companies, the workplace is talked about almost as much as the company itself. It’s an extension of their brand and it helps attract high-level talent. Most businesses are not capable of the same level of workplace perks as Google. However, it’s likely that this trend will continue as the workplace is seen as less of a place to work quietly with your head down and more of a place of community and cooperation.
Commercial Buildings are Modernizing
Many landlords renovating their older commercial buildings to reflect a more modern aesthetic and use of technology. Owners are also updating older properties to reflect a more energetic, warm, and welcoming space which is conducive to team-building and collaboration among employees. There is a certain expectation about the appearance and functionality of modern buildings, which can greatly affect how desirable a property is to a business looking to relocate. Think modernized security systems and high-tech networking and communications systems, for example. These features have become standard and commercial property owners are updating their buildings to attract new tenants.
In 2013, Milken Institute named Brevard County’s economy the No. 1 most concentrated high-tech economy in all of Florida, while the Brookings Institute found in that the area boasts the largest share of STEM-related jobs in the state. (EDC Space Coast) Add this to the attractive tax climate, a high quality of life and a highly trained technical workforce, and the Space Coast is garnering a reputation as one of the prime areas for high-tech business and commercial growth in the US.
Knowing the trends is one thing, but only a commercial real estate agency can help you keep up with the rapidly changing market and get the most out of your real estate ventures. A real estate agent with knowledge of the local commercial property market can take the burden off of you and let you focus on your business. Contact Ullian Realty, located in Melbourne, FL and serving the Space Coast commercial real estate market and all of Brevard County.