Commercial real estate supports 9.2 million jobs nationwide and contributed $1.14 trillion to the national GDP in 2019. Florida especially has experienced a boom in commercial and private real estate, and the cities and county of Brevard have several commercial real estate development plans that promote innovation and growth in the local economy.
While we can’t always depend on past indicators to predict the future with real estate trends, it remains true that commercial real estate is a steady long term investment. During the savings and loan crisis of 1990 to 1991 as well as the Great Recession, lenders were under a great deal of pressure, which had a negative effect on the rate of commercial real estate transactions. This allowed investors to refinance as well as diversify their commercial portfolios.
In the state of Florida, commercial real estate supported 227,512 jobs and saw a total output of $25.812 billion in 2019. The development of commercial real estate contributes to the local and nationwide economy through contributions to GDP, salaries and wages generated, and jobs created and supported by commercial real estate. The NAIOP Research Foundation found that construction has seen positive growth over the past decade and has generated 1.9 million new jobs in October 2019. Brevard County has seen an increase in manufacturing and new development programs are paving the way for real estate investment opportunities.
Brevard County has a booming workforce and is ready for new opportunities in manufacturing and innovative properties. Brevard County is well known for its innovation in clean technology and it has seen an expansion in local infrastructure in companies like SpaceX and Boeing. The Space Coast experienced job growth, with numbers above the state and national average, and 23% of jobs were in the manufacturing sector.
Commercial real estate is a successful and growth strategy that offers long-term investments. Real estate is a great option if you’re looking to diversify your portfolio or are looking for a steady income. But be ready to be in commercial real estate for the long haul. Make sure to plan for growth when planning your real estate investment to make sure the location can accommodate your success and business growth.
At Ullian Realty we understand both the challenges and opportunities recessions can bring. Our brokers have decades of experience working with commercial property investors. Give us a call today to learn more about The Ullian Realty process and how we work with clients to meet individual goals.
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