In 2023 the popularity of Florida’s Space Coast isn’t slowing down. The Commercial Real Estate Metro Market Reports reveal that the demand for office space, retail space, and industrial space is stronger than nationwide wide averages. This is a strong trend tracking back to 2015. This aligns with surging employment reports throughout the Palm Bay-Melbourne-Titusville area, which ranks 2nd nationally for job growth.
Melbourne, FL, in Brevard County, has seen an explosion of growth with new employment opportunities in cutting-edge industries. Our thriving city has been referred to as the “Silicon Valley of the Southeast”. With companies such as Northrop Grumman completing recent expansions and adding hundreds of jobs, “Florida is one of the fastest growing international economies with strong air and seaport infrastructure, and a large, multicultural workforce.” (source)
We are ranked #2 in aviation, aerospace, and space establishments
2 licensed spaceports
12th fastest-growing metro in the United States
Public use airports
5th best-performing city in 2022
Read more about Florida’s community profile here.
Melbourne, Florida is ideally located to support multiple industries. With access to ocean ports as well as current technology advances in the space industry, Brevard County and the Melbourne/Palm Bay Areas are hi-tech hubs for engineering firms as well as technology manufacturers.
There is a reason why Florida’s Space Coast has 48 engineers for every 1,000 workers, more than any other Florida metro area.
Brevard County’s share of STEM employment was ranked 1st in Florida by the Brookings Institution.
According to the Brookings Institution, Brevard county ranks 1st in Florida with 11 patents for every 10,000 workers and 53rd in the US.
According to the TechAmerica Foundation, Brevard County has the 5th most concentrated high-tech workforce in the US.
With the expansion of SpaceX, Boeing, and local infrastructure, we believe that Brevard County tech and innovation will continue as some of the best and brightest minds collaborate.
“Florida is home to industry leading producers of power generation systems, a variety of solar technology companies, biofuel producers, and battery and fuel cell manufacturers.” (source) Clean Tech commercial properties require unique specifications. Brevard County developers have designed spaces with future Clean Tech companies in mind.
Our local brokers will take the time to determine all the needs you require for your company to thrive in Florida. We understand that it isn’t just a preference to have both manufacturing and office space housed together. These details are only part of what sets Brevard County apart as a premier technology hub.
Industry expansions and new partnerships require the right land to develop or buildings to redesign. It’s important to work with a local commercial property broker to find the best solution for your business needs.
One of the benefits of commercial growth on Florida’s Space Coast is that proven growth encourages investors. Governor Ron DeSantis recently announced he would grant $3.9 million in infrastructure funding to Orlando Melbourne International Airport.
This grant, from the Florida Job Growth Fund, will have many commercial real estate benefits and will help open additional airport-owned land for economic development. Additionally, there is the potential to create 500 jobs.
The growth in the Aviation, Aerospace, Defense, Health Care, Cruise/Travel, Electronics, and Industrial sectors has increased property values throughout Brevard County. In 2022, the median sales price of single-family homes reached $356,000, which is up from $305,000 in the previous year.
The diverse mixture of new jobs will stimulate construction in residential, commercial, and industrial areas, pushing lease rates and sale values higher, with demand outpacing supply. Of course, this is great news for those looking to sell or lease their commercial property. As a buyer, you will be paying more for property, but at the very least, you can be certain you’re buying into a healthy and growing market.
There are many things enticing families to move to Brevard County, including:
Business-friendly tax and wage climate
Excellent education opportunities with great public and private schools
Easy access to amenities such as restaurants and shopping
Vibrant artist community
The growing population in communities such as West Melbourne, Cocoa Beach, and Melbourne Beach is adding to a healthy job market. Brevard County is a great place for businesses looking to expand their operations, even with the growing property values.
There are no certainties in commercial real estate, but there is a method to this madness. By partnering with a broker experienced in the commercial space, you can put yourself in the best position to take advantage of commercial real estate trends going forward.
At Ullian Realty, our experienced brokers will take commercial property developers, buyers, tenants, and sellers through our uniquely developed process to help you determine the best option for your company’s specific needs. We understand Brevard County with 43 years of local experience. Contact us today to learn more.
This article was originally published in July 2018, but has been updated for freshness and accuracy.
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