Miami is growing at a rapid rate, gaining about 94 residents every day. People are moving to South Florida for the region’s beautiful weather, diverse culture, and plentiful job opportunities — the Sunshine State’s favorable tax laws don’t hurt either. This population growth has translated into a number of new and exciting construction projects, including a boom in office construction.
Below, a Miami construction lawyer with Cotney Construction Law discusses Miami’s office construction boom. As staunch supporters of the construction industry, we enjoy celebrating successes within the industry, in addition to providing valuable legal services. For a legal ally who will celebrate and safeguard your successes, our attorneys are standing by.
The Office Construction Boom
As reported by the Miami Herald, office construction in Miami-Dade County has hit a ten-year high. To be exact, 1,816,666 sq. ft. of office space was under construction in Miami-Dade in the third quarter of 2019. “That’s the biggest boom in office construction since 2009, when the market had 1.9 million square feet of projects in the pipeline in Brickell and downtown, as well as another 460,000 square feet throughout the rest of Miami-Dade.” Of note, suburbs are leading the charge for office construction, while the Central Business District (CBD) is lagging behind due to an overabundance of supply. Unlike previous years, these suburban offices are as appealing as their downtown counterparts and feature such amenities as coworking spaces, rooftop bars, and tenant lounges — just something to think about.
“The million-dollar question is ‘Will this new space be filled?’” said Matthew Cheezem, Managing Director of JLL, the real estate services firm that conducted the above research. It’s a valid question. Investors are responding to the area’s population growth and anticipating a need for office space. However, there’s no telling whether or not their prediction will be accurate. And the area could find itself with more supply than demand, a situation that would cause investors to take a step back from office construction.
Staying Ahead of a Shifting Industry
Ebbs and flows like those described in this article are common in the construction industry. What’s important is that contractors do what they can to stay ahead of potential pitfalls that could cost their companies time and money. At Cotney Construction Law, we’ve dedicated our lives to ensuring that construction companies are never caught off guard by issues that are all too common in the industry, issues such as disputes, license defense, and OSHA defense. For all of your construction-related legal needs, partner with the team of affordable, on-demand Miami construction lawyers from Cotney Construction Law.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.