Why now is the Time to Rent Office Space in Fort Lauderdale

The news isn’t all bad for home and business owners in the Sunshine State. According to a report issued by Builder Online, an internet marketing firm, the Miami-Fort Lauderdale housing market was one of the healthiest in the nation. Unfortunately, their triumph was short-lived. Just a few months after the report was released in March of 2011, the company completed a follow-up, and Fort Lauderdale had fallen off their Top 20 list. What happened?

As a whole, Florida has one of the worst real estate markets in the nation. Home values in some regions have fallen by more than 60 percent. In fact, only Nevada ranks lower on a national scale. It’s not that no one wants to move to the Sunshine state anymore. But the housing crisis and the Great Recession have had a profound impact on where Americans move and when. Many simply do not have the savings to retire to Florida, as they might have before 2006. They are working longer and staying closer to home, since real estate markets in retirement destinations have yet to stabilize.

Fort Lauderdale is different. It is a principal city in the South Florida metropolitan area, which means that it attracts more than just tourists and retirees. There were more than 5.5 million people residing in the area, according to the latest census (2010). The city is a Mecca for boating and sailing enthusiasts and also has vibrant and eclectic dining and entertainment scenes. Not to mention a growing shopping district.

As you might expect, Fort Lauderdale is considered a tourist town. It welcomes more than 10 million visitors each year! Not bad for a city that has no major theme parks or sports teams. What Fort Lauderdale does offer is some of the best restaurants, beaches, and hotels in all of Florida.

Like most major cities in the state, Fort Lauderdale was blindsided by the housing crisis, which began in late 2006. Foreclosures increased by over one hundred percent in 2007 before stabilizing in recent years. While the market is not entirely healthy, now may be a good time to rent office space in Fort Lauderdale.

Florida consistently ranks as one of the best states for businesses. It has a growing population, access to numerous international and regional airports and seas ports, as well no state income tax. It is no wonder thousands of new business owners choose to rent office space in Fort Lauderdale each year.

Why rent?

Real estate prices are notoriously unpredictable, especially in Florida. Although it has improved, the commercial real estate market in Fort Lauderdale is far from stable. A new business owner has enough on his mind without having to worry about investing in office space. One simple and affordable way to save money is to rent space from a company that isn’t using it.

Renting empty or unused space is far more common than people think. More often than not, the company that wants to rent bought a space that was too big for them and did not expand as they planned. In a difficult economy, they might decide to rent out this space to another company. The arrangement works because both parties end up saving a lot of money. Just like roommates, they can split utility costs and taxes, which can save them beau coup bucks on Fort Lauderdale rent for office space.

Because they are desperate to save money, most shared office contracts are fairly flexible. An owner will rarely ask for or demand an extended least that last for years, as most commercial real estate owners who rent office space in Fort Lauderdale are wont to do. Since you will be sharing the space, the relationship and cost-saving aspects of the arrangement are generally more important than longevity.