Florida, bordered by both the Atlantic Ocean and the Gulf of Mexico has, of course, hundreds and hundreds of miles of beachfront property. The three largest cities are Miami, Tampa and Orlando. The population of the entire state is about 23 million and the average age (surprisingly) is under 45. Tourism and agriculture are at the top of the list of a diverse economy, but international trade, aerospace, life science and financial services are also at the top of the list. The finance, insurance & professional service firms represent almost 15% of the state's employment. Florida has a lot of business friendly legislation and a climate that is tax favorable for the 1,000,000 Floridians working there in the service industries. As of 2019 there were over 30,000 active physicians in the state. Also, in the past 10 years, close to 4,000,000 people have fled to Florida, in part because of tax reasons, from New York, California, Illinois, New Jersey and Michigan. Also it has one of the largest economies in the US with a GDP of $1 trillion.
An interesting factoid is that Disney World, in Orlando is the largest employer of people at one location (70,000) in the U.S. today. About 21 million people come to visit annually, and that is the same as the number of people that live in the state overall.
The commercial real estate vacancy rate is 13%. The office market is sustained by strong growth in the technology market and this coupled with a strong service industry and medical market bodes well for the strength of the shared professional office space subleasing market. This bleeds over to the medical office sharing market as well. Also, the construction of office space in Miami-Dade county for example, is at a 10-year high (in Q4 2019 there was close to 2,000,000 square feet of Class A and B office space under construction. This hasn't been seen since 2009 when the Brickell and downtown pipeline was 1,900,000 square feet under construction at that time.
Because of the diverse professional foundation here, the outlook for office sublets and individual office rentals is strong because the demand is present for this sector as well as coworking. You've got a plethora of retired and semi-retired individuals looking for space on a part time or full time basis and the individual office sublet market is better suited for this use than coworking because of generational differences and the fact that the majority of baby boomers grew up in an enclosed, private office environment and they simply will not suddenly change, later in life, to an open layout for their officing needs.
Shared professional office space and shared medical office space can be promoted successfully on the LookingForSpace platform where firms and practices with empty offices can advertise directly to small and solo professionals and practitioners who are looking for individual offices or groups of offices for sublease in an environment that provides the amenities required for successful business operations in their industry.
