South Florida has long been a magnet for tourists, retirees, and snowbirds, but in recent years, it's also become a hotbed for commercial real estate investment. From Miami's glittering skyline to the bustling streets of Fort Lauderdale and the picturesque coastlines of West Palm Beach, commercial real estate in South Florida is experiencing an unprecedented boom. Here's why this market is thriving and what it means for investors and businesses alike.

1. Economic Resilience and Growth

South Florida's economy has shown remarkable resilience and growth, even in the face of global economic challenges. The region's strategic location as a gateway to Latin America and the Caribbean, combined with its diverse industries—ranging from tourism and…

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Five financial firms with billions in assets were among the latest tenants who signed up for office space in a 25-story tower that's still under construction in downtown West Palm Beach.

One Flagler at 154 Lakeview Ave. is slated to be completed later this year, a spokeswoman for the project's developer, The Related Cos. said.

Although still under construction, 75% of One Flagler's 270,000 square feet of office space is pre-leased, the spokeswoman said. Previously announced tenants include Chicago private equity firm GTCR, which will occupy about 26,000 square feet of office, as well as Diameter Capital Partners, Siris Capital, and First Republic Bank. Greek restaurant Estiatorio Milos by Costas Spiliadis will occupy 10,000 square feet on…

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PulteGroup (NYSE: PHM) wants to replace a former bank branch in Juno Beach with a townhouse community.

The town’s Development Review Committee will consider the rezoning, comprehensive plan amendment and site plan for the 4.7-acre property at 13951 and 13955 U.S. Highway 1 on May 8. It currently has 13,809 square feet of retail/commercial space that was developed in 1976.

Atlanta-based PulteGroup has the site under contract from Palm Beach Gardens-based Juno Square LLP.

The homebuilder aims to build 40 for-sale townhouses in a community called the Dunes at Juno Beach. It would feature seven buildings of three stories each and 160 parking spaces. The townhouses would be over 2,200 square feet each, with two-car garages, and elevators. They…

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New York-based Related Cos. and Palm Beach-based Frisbie Group submitted a plan with the Family Church to redevelop a site in downtown West Palm Beach.

The church owns the 9.6-acre campus at 1101 S. Flagler Dr., which includes a historic church. It selected a joint venture between Related Cos. and Frisbie Group to redesign and redevelop the site with Kohn Pedersen Fox Associates.

There would be a 32-story tower and a 28-story tower, with a combined 190 condos. The developers would help renovate the church, plus build both a new early childhood education building and a K-8 school for the church’s Palm Beach Christian Academy. There would be a new parking garage to serve both the condos and the church.

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A new skyline is in the works in West Palm Beach. 

When the Bristol opened in 2019, it was the coastal city’s first new condominium in a decade. Five years and one transformative pandemic later, developers have two dozen residential projects in the works, with a pipeline of nearly 6,600 units, according to an analysis by The Real Deal.

Projects run the gamut from small townhouse developments to highly amenitized luxury towers with eight-figure penthouses. Developers forming the West Palm Beach of the future are a familiar crowd: Steve Ross’ Related Companies, Jorge Pérez’s Related Group, David Martin’s Terra, and Al Adelson, who is back for more after building the Bristol. 

The residential development boom is in part a response to Covid.…

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The TGL, a virtual golf league co-founded by professional golf stars Tiger Woods and Rory McIlroy, plans to restart construction of their Palm Beach Gardens facility after revamping the design.

TMRW Sports, which is running the TGL, reached an agreement with Palm Beach State College in 2022 to lease 10.7 acres to host construction of its virtual golf venue. Then, San Francisco-based digital personal finance company SoFi Technologies signed on as the presenting sponsor, resulting in the venue being dubbed the SoFi Center.

The league was originally slated to begin play with matches on ESPN in early 2024, but heavy storms in November caused a power failure at the facility and its dome deflated, causing damage to the facility before it was…

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Moss has been selected to build a luxury 201-room boutique hotel in downtown West Palm Beach.

The hotel is the first vertical development in the thoughtfully master planned Nora District being developed by New York-based BD Hotels, NDT Development, Place Projects, and Wheelock Street Capital.

The 5-story, 203,214-square-foot hotel will be located on North Railroad Avenue, anchoring 150,000 SF of highly curated commercial, restaurant, retail, office and wellness spaces that blend a walkable streetscape with a dynamic public realm. Amenities within the hotel include a rooftop pool deck complete with a restaurant, two bars, lounge area, and poolside cabanas. The ground level features a state-of-the-art spa and gym along with a warm and elegant…

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Sunshine State Home to Metro Areas Among Top 10 U.S. Population Gainers From 2022 to 2023

Florida was home to four of the nation’s top five fastest-growing metropolitan statistical areas and three of the top 10 that gained the largest number of people from 2022 to 2023, reflecting continued population growth across the South.

The increases in Florida — the nation’s third most populous state — were fueled by rapid growth in select metro areas in the state during that period (Figure 1).

The population growth in Florida’s metro areas underscores a larger trend of widespread population growth across the South, the nation’s fastest-growing region and site of all of the top 10 fastest-growing U.S. metro areas from 2022 to 2023.

Among them:

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A local telecommunications company will relocate its headquarters to a 40,000-square-foot office space in Palm Beach County.

Dycom Industries (NYSE: DY) closed on a lease to occupy the top two floors of 300 Banyan, a 12-story office building now under construction at 300 Banyan Blvd. in downtown West Palm Beach.

Dycom will move into 300 Banyan in the first quarter of 2025, said a spokeswoman for the building's developers, West Palm Beach-based Brand Atlantic Real Estate Partners and Greenwich, Connecticut-based Wheelock Street Capital. The building is slated to be finished in April, she added.

Brian Gale and Anthony Librizzi of Cushman & Wakefield represented Brand Atlantic and Wheelock in the lease negotiations. Derek Baker of Colliers…

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