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Homebuyers and businesses are growing in Florida

You have always heard that it is impressive how many people from all over the world move to Florida every week, especially to our Central Florida area, where Greater Orlando and all its surrounding cities are located.

According the Orlando Economic Partnership, the Orlando region is welcoming more than one thousand new residents a week, and in fact, it has been adding that many people a week for the last 60 years. Only from 2018 to 2019, the four-county region that makes up the Orlando Metropolitan Statistical Area (MSA), Lake, Orange, Osceola and Seminole County, grew by 2.4 percent to reach a population of just above 2.5 million people. That is four times the rate of growth of the United States.

For years, Florida has been a hotspot that attract workers, families and individuals of all ages who move captivated by the charms and quality of life of Orlando. But now, there is also a large group of people moving thanks to corporate relocations, because the companies where they work are establishing here or allowing them to work remotely.

This strategy of companies moving to Florida is not new and many North American companies do it. In fact, the 44th Annual National Study of Migration in the United States, by United Van Lines, highlights that the movement of North Americans has been constant, but in 2020 the COVID-19 pandemic was an accelerator effect for many more to make the decision to move. Florida is on the list of places where the most people moved.

When United Van Lines evaluated the reasons for these moves, it found that 40% of Americans who moved did so because they were looking for or had a new job, or because they had been transferred from their job. Of the group that indicated that their move was related to the pandemic, many highlighted that they were able to work from home, and that they were focused on the health and well-being of their family.

Orlando real estate flippingWe have definitely seen in recent months a considerable increase in moving, both personal and corporate, as a direct consequence of the coronavirus. These moves have been all over the state, but especially in our Central Florida region, we have seen them arrive in an impressive way. Thousands of families have been joined by companies of all sizes, from those with thousands of employees to small companies, from entrepreneurs, minorities, foreigners, or from other parts of the United States.

The pandemic also caused a transformation in business

Since the pandemic was declared in March 2020, the business world has been transformed. Although unfortunately many are now closed, the majority managed to survive those difficult times and reinvented.

For example, many companies already know that their employees are productive from their homes and the rise of remote working has made easier for workers to relocate.

People started to relocate to places where they have always wanted to live, but keeping their same jobs in other places. You can guess that Florida, especially Orlando, has been one of the favorite places to move and we have seen this circumstance in numerous clients of our office. They live here, but they work in a company that can be very far from us, and can save on real estate costs and have other benefits like move to a place where they can live, work and play as Orlando. Of course, another huge benefit is that Florida doesn’t have a personal income tax.

That is a completely atypical way of relocating, because a few years ago, it was essential to live in the same place where the office was.

But there is also the typical relocation, the corporate one that we know traditionally, which can occur in two ways. Either the entire business is relocated or one or more employees are “brought” to work in a place, which is always accompanied by a juicy and attractive job offer. Thus, they establish a branch or a smaller office to start with a control of expenses that is not excessive. Another trend is that established local companies start looking for employees in other states to bring them here. You will find here Fortune 500 companies, and dozens of diverse industries and the fastest-growing tech scene in the US.

We also have world-class sciences and healthcare facilities as Nemours Children’s Hospital, Veterans Hospital, and the Central Florida University School of Medicine, which opened ago just a few years.

Many employees are also recruited in the area of technology and Orlando is becoming one of the hottest new tech hubs in the United States, in fields like software, game and design businesses and digital technology (also take a look to my recent post of NeoCity, in Osceola County, which has made Orlando considered “the new Silicon Valley ”). Professionals who are experts in the latest technology are always sought to settle here and contribute their talent to the development of this professional field. Among them, there are many from other US cities, like Chicago or New York, but other are coming from overseas.

And this without counting entertainment and tourism, industries greatly affected due to the pandemic. We are sure that both will be able to resurface, since this region is like a magnet for everything related to this field.

The property market benefits from the increase in relocations

In all the cases of relocation that we are seeing today, the Orlando property market benefits, both in the residential area, in the vacation area and of course, also in the commercial area.

Let’s explain this in detail. The fact that many people work from home after the pandemic does not mean that commercial spaces will not be used. For many businesses, it is mandatory to have their commercial premises to continue operating, depending on the type of services or products they offer. Some what they did was devise strategies to continue in the market, but lowering costs. This resulted in the search for more economical, but attractive and functional commercial spaces, which are also comfortable and beautiful. Thus even employees are more motivated at the office.

In Orlando and throughout our region, we have many business locations that meet those requirements, so we’ve seen hundreds of companies redirect their steps and already established themselves here. In addition, the rental or purchase cost of these is considerably lower than in other states and of course, we cannot forget the tax issue, since in Florida personal taxes are not paid.

To this we add the very simple processes to establish businesses, because in each city of Florida there are offices ready to help entrepreneurs to open their businesses, of all sizes. It does not matter if it is a large company with thousands of employees, or if it is a small or minority group, all will find support in the different government offices of the city.

When it comes to residential properties, the options are beautiful, have great prices and many styles to choose. Florida is a very attractive state for newcomers, and many of those businesses want to captivate their good employees so that they can even move here. Practically everyone likes living here, especially now that the importance of sharing as a family and having a good quality of life has been revalidated. And in that we are experts in Orlando, where we enjoy a splendid weather all year round, the most famous theme parks in the world, and an excellent infrastructure that allows us to travel to the most beautiful cities in the state or from here to any other.

This is the way why everything becomes a successful chain that moves the economy. On the one hand, the new businesses that are established and, on the other, the thousands of newcomers who continue to choose our area to live. All of them are potential clients for all types of businesses and also to buy or rent properties.

Those who are arriving are looking for all kinds of properties, from the budget ones to the luxury ones, a market that has also grown. Since the pandemic began, we see many people with good purchasing power, and who need all kinds of services, who have moved here, especially from places in the North of the United States, such as Boston and New York, and even from the West Coast, like San Francisco and other California cities. All those places are very beautiful but they have a high cost of living and very expensive properties as well. Of course, we need to mention the high cost of taxes that are paid in these places, very different from what happens in Florida.

For all these reasons, we see that companies that want to relocate continually arrive. Although it is true that we all looked with concern the economic future of our companies a year ago, as in the whole world, we are surprised that this crisis has become an accelerator for the Florida economy, especially in our city. In our case, areas such as Orlando, Kissimmee, Davenport, Clermont and Winter Garden, among others, have seen how commercial establishments have grown and at the same time, how dynamic and competitive the market for properties for sale and the rent.

At present, we continue to see a great demand for residential properties, for vacation homes and for investment properties, as more investors have arrived looking to invest their money in a solid industry such as Real Estate, because they know it will represented a long term equity.

All of this has accelerated the construction of new homes and the development of new commercial projects. As for new residential properties, it is seen how the modern design that was already being used in our region, adapts perfectly to the new reality of workers who are looking for functional, comfortable and flexible (multipurpose) spaces, to work remotely. The home office is here to stay and I have no doubt that it will be a trend for the next generation of homes.

We feel more proud every day of living and working in Greater Orlando and surrounding cities, a region so prosperous and able to adapt perfectly and quickly to the changes demanded by the modern world, and to emergencies such as the one that we had to live with the pandemic.

We know that thousands of people from all over the world, including the United States, have set their sights on Florida, especially Orlando, and we are ready waiting all that want to move here. Our region is perfect to live, establish your business and invest in properties!

If you’re looking to buy or sell a property in Orlando, call or text me at milena@vivaorlando.com,

407-922-4520.