The COVID-19 pandemic has had a significant impact on commercial real estate in South Florida. Thousands of companies evacuated their office spaces to work remotely. Some canceled their leases and planned to move forward permanently to virtual work, while others used the pandemic as a growing opportunity.
Companies like Global City Development rapidly adjusted to the change. Its leadership decided to plan for the future. Although workers are still remote, the firm is planning to expand its office space — believing this will play a huge role in the future.
Other businesses, like Colliers International, have also noticed an increase in office-space leasing. South Florida is close to South America and has low taxes; therefore, other businesses in New York and California are moving. Colliers leadership believes in-person meetings are more beneficial than remote ones.
South Florida was a vacation hub but has turned into a permanent home for some companies since COVID struck. The commercial real estate future looks like it’s heading in the right direction. Many offices are vacant now, but companies will likely welcome employees back into the office soon.