Change is inevitable for Miami residents. Many Miami businesses understand that these changes can present an opportunity for success, particularly for those who are able to stay ahead of the times and successfully predict the coming changes.
For instance, at a recent business event, executives from different companies discussed how marinas in South Florida will likely change over the coming years. Instead of being just a point of arrival and departure, marinas are now becoming destinations in and of themselves. Consequently, developers are taking advantage of this by utilizing commercial real estate along the waterfront, including restaurants and retail spots.
Developers also noted they were designing the facilities of today to fit the boats of tomorrow. With larger and more luxurious yachts expected, developers noted they would be in trouble if they constructed the facilities for the today's boats.
The story is just one example of many of how developers and others involved in the real estate market need to effectively plan for the future in their dealings. Real estate projects need to not only accommodate present day uses, but uses that are expected to be prevalent in the coming years and decades. Those who fail to do so may be left behind.
At the same time, businesses need to have a solid legal framework in their dealings to anticipate future changes. For instance, contracts between businesses should be drafted to anticipate future problems that could arise. By doing so, businesses will put themselves in the best position to succeed not only as compared to their competitors, but also in the event that any legal disputes arise in the future.
Source: South Florida Business Journal, "Marinas of the future will have more amenities, fewer slips, developers say," Emon Reiser, Nov. 5, 2015