In an article published in the Daily Business Review on April 20, 2023, Nelson Mullins Riley & Scarborough LLP real estate partners David Itskovich and Raul Valero, and associate Nick Carbo discussed how the post-COVID-19 environment has affected the South Florida real estate market.

When speaking about how the area started to become the “Wall Street of the South,” the authors noted that many people realized that they could work anywhere remote, as long as it fell within a similar time-zone to their company and had a reliable internet connection. This caused an influx of migration to locations that showcased cheaper and healthier lifestyles, with South Florida gaining prominence as an ideal destination. Many of the new Floridians are C-Suite level executives, who run some of the most influential companies in the country.

Now, in a post-COVID-19 world where people are getting back to the office setting, there is a new priority on commercial spaces: air quality and ventilation, and sanitation. Many of the new commercial spaces in Miami and West Palm Beach include state-of-the-art facilities, including modern HVAC systems and touchless technology. One of these commercial facilities includes the Brickell community in Miami, where it has risen to the top for office space locations due to the Fortune 100 companies and world-renowned firms that have relocated there. As an effect, rental rates in Brickell are now over $100 per foot for the first time in history, creating a real estate record in South Florida.

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