Katrina Evacuees Spark Florida Real Estate Prices
Despite being hit by the hurricane itself, Florida has been one of the top destinations for Katrina evacuees. As a result, the already hot Florida real estate market is blazing.
Businesses, individuals and families are all settling into Floridian cities, some for the short-term and some for the long. Everywhere they settle, they are either buying or renting Florida real estate and "driving up sales and rental prices 10% to 50% in residential and commercial markets."
Most of the commercial Florida real estate interest has been aimed at Tampa, Miami and West Palm Beach. In Tampa and Miami, vacancy rates for office space and industrial Florida real estate could fall between 2 and 3 percent in the next year, while West Palm Beach already has one of the lowest office vacancy rates in the country, falling just below 8.6 percent.
Florida real estate analysts believe the crunch will only grow stronger in the following weeks, as more and more evacuees realize that it may be a long time before they can return home.
Businesses, individuals and families are all settling into Floridian cities, some for the short-term and some for the long. Everywhere they settle, they are either buying or renting Florida real estate and "driving up sales and rental prices 10% to 50% in residential and commercial markets."
Most of the commercial Florida real estate interest has been aimed at Tampa, Miami and West Palm Beach. In Tampa and Miami, vacancy rates for office space and industrial Florida real estate could fall between 2 and 3 percent in the next year, while West Palm Beach already has one of the lowest office vacancy rates in the country, falling just below 8.6 percent.
Florida real estate analysts believe the crunch will only grow stronger in the following weeks, as more and more evacuees realize that it may be a long time before they can return home.
