These days, Fort Lauderdale is booming as a surge of new developments underscores the city’s current status as a “city of choice” for commercial and residential real estate investors. As a city that has long been seen as playing second fiddle to Miami in terms of market growth, developers are flocking to this South Florida jewel to take advantage of lower prices and a strengthening business community.
Ft. Lauderdale: A city on the move
A new focus on luxury amenities and services serves the needs of the growing residential base, and the tourist economy is getting an upgrade too as the Four Seasons completes a $200 million renovation at their West Ft. Lauderdale property. The $500 million Auberge Beach Residences and Spa is another such project, offering luxury beachfront living at its finest. To support and service the new influx of high-end pleasure seekers, more than 1000 new restaurant seats are soon to be seen as well, many focused on Las Olas, the city’s premier dining, shopping, and entertainment district.
A clear indicator of the evolution is the ever-changing skyline as developers are tapped to add thousands of new residential units over the next two years. An additional injection of cash is directed towards improvements for existing hotel properties in the city, courtesy of investors who were quick to recognize the growing popularity of the area.
Accessible oceanfront living in South Florida
But before you think Ft. Lauderdale is only for the rich and privileged, the cost of living here, in general, is very reasonable. Unemployment is very low, with reports showing that 95.4 percent of the population is employed full-time. With a median annual income of about $51,000, there is a very good standard of living to be had without breaking the proverbial bank.
Ft. Lauderdale offers a distinct business advantage
Many new companies choose to set up shop in Ft. Lauderdale for many reasons. Besides the obvious perks – the fabulous South Florida lifestyle, great weather, stunning scenery, and a vibrant culture – Ft. Lauderdale boasts the most diverse labor force in the state (90 languages are spoken here!), some of the most respected public schools and more than 35 post-secondary colleges, universities, and business schools.
As a business center, it is home to more than 150 major corporations while new companies find it attractive because of Florida’s favorable business tax climate. There is also no state income tax, which is a big draw for people seeking employment in tandem with a great quality of life.
Companies that do business globally find Ft. Lauderdale to be very convenient as it has three major commercial airports that lend easy proximity to Latin America as well as domestic and international destinations. Seven more airports in the region are dedicated to business and executive travel and Ft. Lauderdale’s port is the number one container port in the state as well as the top seaport for exports in Florida.
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