I’m pretty sure you’ve seen skylines popping up all over Fort Lauderdale. I probably don’t have to tell you that Fort Lauderdale is BOOMING! You will see it yourself when you are brunching at Tap 42 on 14th and Andrew or you are meeting with a client at a restaurant on Las Olas Boulevard. The traffic is getting REAL in Fort Lauderdale but so is business.
Fort Lauderdale is on The Rise
Fort Lauderdale’s growing infrastructure has become a city of choice for businesses and residents. The rise of construction involves thousands of apartments, condos, restaurants, and bars.
In sum, it became one of the most livable, beneficial and attractive cities in South Florida. Especially with the construction going on in Downtown Fort Lauderdale, the city is becoming a place to live, work, and play.
If you are familiar with South Florida, you probably know that Fort Lauderdale has stood as number two to Miami. The work hard play hard city is reaching its maturation and it’s running out of land to build on and the land that is available is expensive.
There was even an article about how a unit in the Porsche Tower in Miami sold for a loss, which shows a possible weakness in Miami’s luxury real estate market. Alternatively, there have been predictions of an increase in the luxury real estate market in Fort Lauderdale, FL.
Miami is arguably more marketable than Fort Lauderdale. But why? These two cities have the same weather and the same activities. Because Miami was developed first, it had the opportunity to create a name for itself.
Well, Fort Lauderdale must ‘ve gone to Dr. Miami to get a butt lift because it’s now receiving the hype that it deserves. Imagine when this area reaches its fullest potential. Fort Lauderdale is becoming the New Miami.
Investors have had their eyes on Fort Lauderdale because of the cheaper land it has to build on. The constant construction in the Venice of America is increasing the real estate value in the area.
The net migration is approaching 450 people weekly and it is estimated that 300 households are being formed every week. There has been a huge boost in the retail market because of the income of retirees.
Did you hear about the Whole Foods and apartment complex that is being built on the busy intersection of U.S 1 and 17th Street? When you are leaving brunch one day I want you to drive south on U.S 1 and when you get to 17th street I want you to look right and witness it yourself.
The prices in Fort Lauderdale are cheaper than Miami, making it a more affordable place to live, work, and play. Fort Lauderdale offers a better home than Miami for an equal or lesser price, making it more attractive for homebuyers.
According to BestPlaces, the median home cost in Miami is $350,100 versus Fort Lauderdale’s median home cost of $326,500. Studies show that you would need at least $4,389 a month to live in Fort Lauderdale versus Miami’s $5,300 monthly income. It makes more sense to buyers to live in Fort Lauderdale rather than in Miami.
What does it mean for your business?
There are going to be some changes of course. Here are a couple of them:
Well, maybe more auto traffic isn’t so good down here, but more traffic means more people. And more people mean more chances to attract them to you your business. How are you planning to capture the traffic?
Bigger Brands will be in the area
Due to the rise of development, bigger brands are moving into the area. Depending on your industry, this might mean an increase in competition. How are you planning to compete with these competitors?
Tips to Capitalize on the Consumer Growth in Fort Lauderdale
It’s important to capture consumer growth in this rising market. How are you advertising? Are you still doing it the old fashioned way? Are you going digital?
Make your business more people friendly.
Create an experience around your business that will keep customers coming back. By creating a remarkable experience for your consumers, not only will you increase your sales but also promote brand loyalty.
Let’s take Sawgrass Mills for an example. Sawgrass Mall is planning to have a multi-million dollar renovation. They are making their mall more people friendly because they know that there will be a massive growth in consumers.
Get the locals to fall in love with you.
Having more people in your local area means that you have to work on attracting locals to your business. If the locals aren’t familiar with you why should someone else interact with your business? You have to become an authority in your area and in your industry. This will make you the obvious choice in the market.
Think about the restaurants on Las Olas Blvd and the way locals are attracted to this street.
This is a prime time to invest in the real estate market in South Florida, and Fort Lauderdale is one the fastest growing cities in America. This year’s construction pace has surpassed last year’s construction pace by 70 percent.
According to the Related ISG 2019 Fort Lauderdale report, three billion is being spent in new development in Fort Lauderdale. This is a great time to get in on the action.
Seize the Opportunity
Look at what type of businesses are coming in around you and determine what kind of crowd that it’s bringing in. It will become important to find a way to market your business to attract the new incoming crowds.
Fort Lauderdale is going to continue to grow, so either watch it or grow your business alongside it.