September 4, 2015
Over the past two decades, Fort Lauderdale has become much more than just a tourism and yachting hub. The coastal city has emerged as a diverse center for American and international business. Over the past five years, 123 companies have expanded or relocated to Broward County. Currently, there are about 200 businesses with their corporate or regional headquarters in the booming area. As business has expanded, so has the population. The thriving economy has attracted a younger, more diverse demographic.
Downtown Fort Lauderdale is home to a wide set of companies, with many employees also living in the city center. There are currently 3,000 residential units in the downtown area, with 1,100 more under construction. Another 2,609 new construction condos have been approved, with even more proposed. Las Olas Boulevard is now vibrant and teeming with locals.
“Fort Lauderdale has been transformed into a truly livable, urban environment,” stated the managing director of the South Florida CBRE.
Fort Lauderdale's growth has been assisted by the higher cost of Miami real estate. However, investments into liveability and cultural projects have also made the city more attractive. Fort Lauderdale offers the whole package-great weather, pristine beaches, public transportation, cultural events and festivals, fine dining and access to professional sports. Expansions to the international airport and port have also made the city more competitive in attracting new business.
Not surprisingly, demand for housing in the area is up, and it will remain that way as long as interest rates remain low. The only limitation in the Fort Lauderdale real estate market is low inventory.
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Source: Miami Herald
