Reasons to Invest in Commercial Real Estate in West Florida According to Brock Rasmussen
In the early 2000s, excessive risk-taking and dangerous price inclines lead to a collapse in the American real estate market. When the housing bubble burst, some parts of the nation took the brunt of the blow; Florida was one of these states. In some zip codes, as many as 40% of all homes resulted in foreclosure. Since those tumultuous years of financial difficulty, the Florida real estate market has since stabilized. In fact, some areas of the state have risen from the ashes to established themselves as prime locations for high-return real estate investment on both a commercial and industrial level.
As a hotspot for investors, it’s no wonder that successful commercial real estate agents like Brock Rasmussen have settled down and set up shop in places such as Fort Myers. Through his work with Lee & Associates, he helps investors find gainful opportunities in one of the nation’s best spots for commercial real estate investment: West Florida.
Steady Growth in All Sectors
Starting in 2016, West Florida’s commercial and residential real estate markets saw considerable growth. Increasing numbers of families purchased homes in the area which created a demand for shopping centers, entertainment, and other commercial infrastructure.
With an influx of wealth in the area, investors began developing land for both industrial and commercial purposes. These developments created jobs and drew even more wealth into the area. As more people moved to West Florida, property values steadily increased.
These growth elements such as the increase of wealth, job opportunities, and residential real estate are all indicators that West Florida shows no signs of slowing down growth — a fact that Brock Rasmussen notes makes it an appealing option for those looking to invest.
Healthy Price Increases
Since the years of the housing market crash, West Florida’s overall market and investment potential has seen a steady increase. Each year, property values exhibit reliable growth. These growth rates are occurring at a stabilized, gradual rate, which Brock Rasmussen notes is an indication of a healthy market which is safe for investment, especially in comparison to markets experiencing unsustainable growth or complete stagnation.
These increases are due in part to the area’s rising demand. Florida real estate is undeniably becoming a hot commodity. Experts believe it will continue to do so in the years to come, making it an ideal scene for investments from many sectors.
Tax-Friendly Legislature Makes Investment Easier
Perhaps in an attempt to remedy the housing market struggles experienced in Florida years ago, the state designed and enacted a series of extremely tax-friendly legislatures. These laws simplify commercial real estate investment. Though Florida has massively rebounded from those setbacks, the laws remain.
In fact, as recently January 2019, the state’s tax rate on commercial real estate leases was reduced even further. Brock Rasmussen suspects this will benefit commercial investors by making their properties more appealing to potential renters. For money-minded investors looking for the right time, there’s no better opportunity than now.
Part of West Florida’s projected long-term investment promise comes from its prime location. Besides the fact that the area is America’s beach resort and one of the nation’s favorite getaway spots, it’s also a growing investment hub for international business. Due to its location and international ties, it is an epicenter especially for business transactions done between the US and South America.
These business deals bring inevitable economic growth, which helps to raise property values and pump new wealth into the area economy. These factors, when assembled to create a whole, form the picture of an ideal investment location for real estate investors of all types.