The burgeoning population of millennials in Florida is having a profound effect on commercial real estate transactions in the state. At more than 75 million individuals, millennials - those born between 1980 and 1997 - are the largest consumer group ever to have to lived in the United States. And their collective decisions are making an impact on real estate development in the Sunshine State.
Trends suggest that increasing numbers of millennials will move out of rentals and start purchasing detached dwellings within the next five years. Developers, in turn, are rushing to capitalize on this shift by planning and building communities designed to attract the under-40 set, as they now represent a majority of the workforce and financial decision-makers in the country. These developments are designed around millennials' tendencies to stay in the same general area for most of their activities. So, creating options for working, living, and playing in the same community is crucial for commercial real estate developers.
A perceived "gold rush," however, can lead to hasty decisions and interaction with parties who do not have the best of intentions. Not every firm or individual looking to profit from the millennial-driven market shift will be above board, and even if parties are in agreement to start, issues can arise as the process proceeds. This, of course, can result in legitimate business disputes.
When an individual or a business finds itself in a dispute over commercial real estate, it can be a challenge to continue with the day-to-day business of the enterprise. This is why it can be important to work with legal representation with the knowledge and experience to negotiate complex commercial real estate transactions. An experienced attorney can help resolve real estate disputes and protect interests and investments so that firms can continue to conduct their business and worry less about legal issues.
Source: BizJournals.com, "How the 'generational disruption' of millennials is shifting real estate in Central Florida," Yvonne Baker, Nov. 27, 2017