Regional Spotlight: Southeast
With Florida and Georgia experiencing major shifts in the real estate sector, developers, designers, and financiers are adapting to the new economic landscape and targeting niche markets, as well as exploring untapped ones, while remaining optimistic about the region`s future prospects.
While the real estate industry in Florida and Georgia has slowed compared with the torrid pace of several years ago, long-term economic growth and demographic trends continue to favor the two states, and that means development is expected to pick up when demand increases.
"Economists are forecasting that Florida will be the third-most-populated state in the country," says Brad Horner, president of Atlanta-based Coldwell Banker NRT Development Advisors, a residential real estate brokerage company with a regional office in Orlando. "Florida is still a favored retirement destination. As the baby boomer generation starts to retire, Florida is the optimal destination. We also are seeing the return of foreign investors at several Orlando condominium communities, including Madison and Mosaic at Millenia. International investors, who are cash buyers, are looking for sound investments. They are interested in a destination city such as Orlando, which has numerous theme parks and vast shopping options, but is only an hour away from the beach."
The new Northwest Florida Beaches International Airport, located in West Bay near Panama City and Panama City Beach, is expected to be a significant economic catalyst for the region. Since it opened in May with service provided by Delta and Southwest, passenger traffic has increased by 192 percent from levels at the former regional airport in Panama City. The airport covers 1,300 acres (530 ha) of 4,000 acres (1,620 ha) donated to the airport by the St. Joe Company, which is developing VentureCrossings Enterprise Centre adjacent to the airport. That project has more than 1,000 acres (400 ha) of land available in Phase I for up to 4.4 million square feet (372,000 sq m) of commercial, industrial, and retail space. With seven military bases within 90 miles (145 km) and more than 1,900 aerospace companies, the region offers companies a well-trained workforce for the aerospace and defense industries, among others.
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