\n<\/div><\/div>\n<\/div>\n<\/div>\n

By Marla Martin<\/div><\/div>\n

2022 RE Trends panel: Big and small biz relocations, plus the here-to-stay wave of untethered remote workers, will impact Fla.\u2019s markets for years to come.<\/span><\/span><\/span><\/p>\n<\/div>\n

ORLANDO, Fla. \u2013 After almost two pandemic years, changes created to deal with COVID-19 have created major shifts that change Florida\u2019s real estate markets, according to a panel of site developers, Realtors\u00ae and economic development experts who spoke to more than 300 Realtors during the 2022 Florida Real Estate Trends summit Thursday. <\/span><\/span><\/span><\/p>\n

\u201cPrior to COVID, we saw a lot of Wall Street firms testing the waters with CEOs looking at homes,\u201d said Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County. \u201cNow, these CEOs are signing seven- to 10-year commercial leases, they\u2019re legally domiciling and, most importantly, they\u2019re buying homes and putting their kids in private schools. We now have zero slots open for any private school in Palm Beach County.\u201d<\/span><\/span><\/span><\/p>\n

The Real Estate Trends event was part of this year\u2019s Florida Realtors<\/span>\u00ae<\/span><\/span><\/span><\/span><\/span>\u2019 Mid-Winter Business Meetings at the Renaissance SeaWorld Orlando. In addition to Smallridge, other panelists included: <\/span>Deanna Armel, broker-owner, Armel Real Estate; John Boyd, principal, The Boyd Company; and Melanie Schmees, director of business and economic research, Greater Naples Chamber of Commerce. Florida Realtors Chief Economist Dr. Brad O\u2019Connor and Dr. Jessica Lautz, vice president of demographic and behavioral insights at the National Association of Realtors (NAR) also shared their insights on the 2022 outlook. <\/span><\/span><\/span><\/span><\/p>\n

Kelly Smallridge, president and CEO<\/span><\/strong><\/span><\/span>
Business Development Board of Palm Beach County<\/span><\/strong><\/span><\/span><\/h3>\n
Unfortunately, the misconception that Florida schools lag and the state\u2019s educated workforce is lacking still lingers among many executives inquiring about relocating their businesses, Smallridge said, and that is \u201cabsolutely not the case.\u201d Once they\u2019re in Florida, check out the schools and have their children tested for placement, their perception quickly changes, she said.<\/span><\/span><\/span><\/p>\n
\u201cThe average salary in Palm Beach County is $61,000, while the average salary of the people coming in now is $1 million,\u201d she added \u2013 another boon to local businesses and area development.<\/span><\/span><\/span><\/p>\n
Many of the business executives interested in moving to Florida want to look at homes first, she said, and may not mention a possible relocation.<\/span><\/span><\/span><\/p>\n
\u201cWhen you\u2019re taking a buyer around to see homes, see if they also have any interest in bringing a business here,\u201d Smallridge advised brokers and real estate agents. \u201cYou can offer them information to connect with local chambers of commerce or economic development officials. We help them understand all the logistics of what it takes to get them up and running. So, we\u2019re really part of your team. Together, we can land not only the home but the company as well.\u201d<\/span><\/span><\/span><\/p>\n
Melanie Schmees, director of business and economic research<\/span><\/span><\/span>
Greater Naples Chamber of Commerce<\/span><\/span><\/span><\/h3>\n
Like real estate, economic development often involves referrals and regional cooperation, said Schmees. \u201cNaples is a unique market,\u201d she explained. \u201cRight now, we have a 1% industrial vacancy rate; sometimes, we need to direct those interested to other areas near us like Fort Myers. The whole region benefits.\u201d <\/span><\/span><\/span><\/p>\n
One factor important for ongoing business relocations and continued economic development in Florida will be the consideration of employees\u2019 needs and how they can manage new lives here.<\/span><\/span><\/span><\/p>\n
\u201cWe need to create an environment that works for the workers, not only the business executives,\u201d Schmees said. \u201cOften, their workers are concerned that they can\u2019t make the move. They\u2019re worried they can\u2019t find housing or figure out their cost of living.\u201d<\/span><\/span><\/span><\/p>\n
Deanna Armel, broker-owner<\/span><\/span><\/span>
Armel Real Estate<\/span><\/span><\/span><\/h3>\n
\u201cFlorida in general is a draw for business and for out-of-state buyers,\u201d she said. \u201cThere\u2019s no state income tax, our weather, beaches, and in Orlando, our theme parks. Since COVID (the start of the pandemic), home preferences have changed. People want an office, a pool, flex space and a yard.\u201d<\/span><\/span><\/span><\/p>\n
According to Armel, the influx of major business relocations and wealthy buyers who can pay cash \u2013 like many California residents moving to Florida after selling their homes \u2013 has made an impact on the housing market, particularly in the luxury-home sector.<\/span><\/span><\/span><\/p>\n
\u201cI call it monopoly money,\u201d she said. \u201cCash is great, but it\u2019s really hurting our buyers who need financing, our veterans, our workers and first-time homebuyers. The competition is unbelievable, especially in new construction. New construction, turn-key, luxury homes: That\u2019s what California buyers want.\u201d <\/span><\/span><\/span><\/p>\n
John Boyd, principal<\/span><\/span><\/span>
The Boyd Company<\/span><\/span><\/span><\/h3>\n
Before the pandemic, about 10% of employees worked remotely, said Boyd. \u201cToday, over half of the workforce works remotely, at least on a hybrid basis, and this change is here to stay. It saves businesses too much in terms of office space, operations and so on. It\u2019s also a great recruiting tool \u2013 people like the flexibility.\u201d<\/span><\/span><\/span><\/p>\n
He noted that economic development is now a \u201cpeople first operation.\u201d And that, he said, \u201chas established a new class of economic development workers \u2013 the residential real estate agent.\u201d<\/span><\/span><\/span><\/p>\n
Brightline, the private high-speed rail system running from Miami to West Palm Beach with an expansion in the works to Orlando, is a positive for marketing Florida for economic development, the panelists said. \u201cI think we\u2019ll see a lot of exciting development projects along those Brightline lines, with the ability to connect between Central Florida and South Florida,\u201d Boyd said.<\/span><\/span><\/span><\/p>\n
Another plus for Florida? \u201cOur state is a magnet for global talent, experience and skill sets,\u201d he added. \u201cHaving no state income also attracts industry and development. Business and money tend to go where it feels welcome.\u201d <\/span><\/span><\/span><\/p>\n
\u00a9 2022 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n
Go to Source<\/a>
\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"
By Marla Martin 2022 RE Trends panel: Big and small biz relocations, plus the here-to-stay wave of untethered remote workers, will impact Fla.\u2019s markets for years to come. ORLANDO, Fla. \u2013 After almost two pandemic years, changes created to deal with COVID-19 have created major shifts that change Florida\u2019s real estate markets, according to a panel of site developers, Realtors\u00ae and economic development experts who spoke to more than 300 Realtors during the 2022 Florida Real Estate Trends summit Thursday. \u201cPrior to COVID, we saw a lot of Wall Street firms testing the waters with CEOs looking at homes,\u201d said Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County. \u201cNow, these CEOs are signing seven- to 10-year commercial leases, they\u2019re legally domiciling and, most importantly, they\u2019re buying homes and putting their kids in private schools. We now have zero slots open for any private school in Palm Beach County.\u201d The Real Estate Trends event was part of this year\u2019s Florida Realtors\u00ae\u2019 Mid-Winter Business Meetings at the Renaissance SeaWorld Orlando. In addition to Smallridge, other panelists included: Deanna Armel, broker-owner, Armel Real Estate; John Boyd, principal, The Boyd Company; and Melanie Schmees, director of business and economic research, Greater Naples Chamber of Commerce. Florida Realtors Chief Economist Dr. Brad O\u2019Connor and Dr. Jessica Lautz, vice president of demographic and behavioral insights at the National Association of Realtors (NAR) also shared their insights on the 2022 outlook. Kelly Smallridge, president and CEOBusiness Development Board of Palm Beach County Unfortunately, the misconception that Florida schools lag and the state\u2019s educated workforce is lacking still lingers among many executives inquiring about relocating their businesses, Smallridge said, and that is \u201cabsolutely not the case.\u201d Once they\u2019re in Florida, check out the schools and have their children tested for placement, their perception quickly changes, she said. \u201cThe average salary in Palm Beach County is $61,000, while the average salary of the people coming in now is $1 million,\u201d she added \u2013 another boon to local businesses and area development. Many of the business executives interested in moving to Florida want to look at homes first, she said, and may not mention a possible relocation. \u201cWhen you\u2019re taking a buyer around to see homes, see if they also have any interest in bringing a business here,\u201d Smallridge advised brokers and real estate agents. \u201cYou can offer them information to connect with local chambers of commerce or economic development officials. We help them understand all the logistics of what it takes to get them up and running. So, we\u2019re really part of your team. Together, we can land not only the home but the company as well.\u201d Melanie Schmees, director of business and economic researchGreater Naples Chamber of Commerce Like real estate, economic development often involves referrals and regional cooperation, said Schmees. \u201cNaples is a unique market,\u201d she explained. \u201cRight now, we have a 1% industrial vacancy rate; sometimes, we need to direct those interested to other areas near us like Fort Myers. The whole region benefits.\u201d One factor important for ongoing business relocations and continued economic development in Florida will be the consideration of employees\u2019 needs and how they can manage new lives here. \u201cWe need to create an environment that works for the workers, not only the business executives,\u201d Schmees said. \u201cOften, their workers are concerned that they can\u2019t make the move. They\u2019re worried they can\u2019t find housing or figure out their cost of living.\u201d Deanna Armel, broker-ownerArmel Real Estate \u201cFlorida in general is a draw for business and for out-of-state buyers,\u201d she said. \u201cThere\u2019s no state income tax, our weather, beaches, and in Orlando, our theme parks. Since COVID (the start of the pandemic), home preferences have changed. People want an office, a pool, flex space and a yard.\u201d According to Armel, the influx of major business relocations and wealthy buyers who can pay cash \u2013 like many California residents moving to Florida after selling their homes \u2013 has made an impact on the housing market, particularly in the luxury-home sector. \u201cI call it monopoly money,\u201d she said. \u201cCash is great, but it\u2019s really hurting our buyers who need financing, our veterans, our workers and first-time homebuyers. The competition is unbelievable, especially in new construction. New construction, turn-key, luxury homes: That\u2019s what California buyers want.\u201d John Boyd, principalThe Boyd Company Before the pandemic, about 10% of employees worked remotely, said Boyd. \u201cToday, over half of the workforce works remotely, at least on a hybrid basis, and this change is here to stay. It saves businesses too much in terms of office space, operations and so on. It\u2019s also a great recruiting tool \u2013 people like the flexibility.\u201d He noted that economic development is now a \u201cpeople first operation.\u201d And that, he said, \u201chas established a new class of economic development workers \u2013 the residential real estate agent.\u201d Brightline, the private high-speed rail system running from Miami to West Palm Beach with an expansion in the works to Orlando, is a positive for marketing Florida for economic development, the panelists said. \u201cI think we\u2019ll see a lot of exciting development projects along those Brightline lines, with the ability to connect between Central Florida and South Florida,\u201d Boyd said. Another plus for Florida? \u201cOur state is a magnet for global talent, experience and skill sets,\u201d he added. \u201cHaving no state income also attracts industry and development. Business and money tend to go where it feels welcome.\u201d \u00a9 2022 Florida Realtors\u00ae Go to Source Author: kerrys<\/p>\n","protected":false},"author":4,"featured_media":6024,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/6075"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=6075"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/6075\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/6024"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=6075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=6075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=6075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}