T
he pace of companies relocating to South Florida has slowed, but is expected to pick up again as new office space becomes available. According to panelists at The Real Deal South Florida Real Estate Forum, the region's inventory of high-quality office space is currently limited, leading to a moderation in relocation activity. However, with over 3 million square feet of office space in development, including 1.7 million square feet in Miami-Dade County, demand for newer office space remains strong.

    "We need it," said Tere Blanca, founder and CEO of Blanca Commercial Real Estate. "As soon as this new product is delivered, we'll have another significant wave of commercial migration to Miami." The panelists agreed that the region's appeal will continue, driven by a "flight to quality" among companies seeking better office space.

    While South Florida has seen an increase in demand for office space during the pandemic, particularly from technology companies, it remains far from becoming a tech hub like Silicon Valley. Companies are opting for smaller but higher-quality spaces, with tenants downsizing to better-suited offices. However, obstacles such as traffic congestion, high-cost housing, and limited private schools remain challenges to commercial migration in the region.