Miami Market ‘Booming’ Alongside Growing Population
Miami Market ‘Booming’ Alongside Growing Population
Abstract
That's being driven by a flood of people moving to the Miami area, he says, increasing demand for health care, housing, infrastructure and transportation projects. Brasfield & Gorrie has worked in the Miami market for 30 years, he says, where it recently established its 13th office. "I've worked in this market for many years, and the recent increase in health care construction has been significantly greater than what I've seen in the past."There are also significant capital improvements ongoing at Miami International Airport, Fort Lauderdale Airport and Port of Miami, Peters adds. "I've worked in this market for many years, and the recent increase in health care construction has been significantly greater than what I've seen in the past." -Mike Peters, Vice President, Division Manager, Miami Office Lead, Brasfield & Gorrie. Corporations are relocating to Miami, too, and other firms are renovating office space as workers return to the workplace as well as adapting their workspaces to the desires of younger workers. Growing market sectors also mean an ongoing demand for craft construction workers, and Peters says pandemic-related supply-chain issues and an extremely busy market means more strain on materials and the availability of trade contractors. "Regardless of the sector, Miami's limited undeveloped space means many projects require demolition of existing buildings, vertical expansions, development of new parcels and roadways or development of brownfield locations," Peters says.