It’s one of the most spectacular views in the world: Miami rising from the sea like a modern-day Atlantis. From some vantage points, it looks as if land and water are one – but that multi-million-dollar selling point threatens to bring Miami to the same fate as the lost continent.
Attribute it to climate change or not, something is definitely going on with the weather, the tides, and the rising sea. Research from the University of Miami has found that flood events in Miami Beach have significantly increased as the result of the acceleration of sea-level rise in South Florida.
Further complicating matters is the end of the 2017 hurricane season, which has been labeled extremely active and the most expensive. In addition, seasonal high tides – also known as King Tides – are becoming more frequent, flooding more and more streets and neighborhoods.
An answer to this potentially dire future may be found in real estate. Municipalities, developers, and investors are actively pursuing solutions to ensure that South Florida will still exist above sea level, 50 to 100 years from now.
While many coastal locations are at risk of sea rise, South Florida is especially vulnerable because it has always been just a few feet above sea level. At the same time, buyers and investors are increasingly climate savvy. Not only do they want to know about a building’s ability to withstand hurricane force winds, they also want to know if their property will have a water view in the future or if it will be in the water.
While there are no plans to stop development along the coast, South Florida is still providing solutions to combat the tides. In 2009, Broward, Miami-Dade, Monroe, and Palm Beach counties joined together to form the Southeast Florida Regional Climate Change Compact as a means of coordinating efforts across county lines. Additionally:
There is a push to develop and market storm-resistant and hurricane-resilient buildings. A downtown Miami high-rise has been designed to withstand 300 mph winds – and this information is all part of the marketing package to entice buyers.
The developers of a property on Las Olas Boulevard in Fort Lauderdale not only installed higher sea walls, but also brought in soil to raise the level of the lots.
More and more municipalities are embracing green building standards to combat climate change and support sustainability.
In Miami Beach, building codes now require new construction and city infrastructure to be elevated. In addition, planning and zoning boards throughout the region are examining current codes and proposing changes to raise height limitations for sea walls, placing roads, water, sewer, and electrical systems on higher ground, and installing massive pumps to return the water from whence it came.
It’s the view. It’s so beautiful. To lose it – to lose Miami and its surrounding cities and towns –would be devastating. It’s why Morris Southeast Group embraces proposals and efforts that will help keep the region vibrant and above water for generations to come.
For a free consultation on CRE, call Morris Southeast Group at 954.474.1776. You can also reach Ken Morris directly at 954.240.4400 or via email at firstname.lastname@example.org.
Millennials often get a bad rap. Essentially, they’re blamed for a lot – from the over-reliance on cell phones to the over-abundance of coffee shops to an over-abundance of working remotely. Millennials, many Boomers and Gen-Xers believe, have changed everything.
A more accurate assessment is that because of Millennials – and, to some degree, Generation Z – the nation, the world, and the way we live our lives are experiencing growing pains. Millennials are now the largest generation, outpacing Boomers by some 15 million. And in order to stay relevant, many businesses and industries, including commercial real estate, have to change with the times.
As the generation that came of age during the Great Recession, Millennials single-handedly changed the way in which work is done. Highly educated and in debt because of that education, they were also the most likely to lose their jobs. This, combined with advances in technology, forced many Millennials to put their minds to work in order to survive. Start-ups, crowd-funding, freelancing, the gig economy, and working remotely became ways to make ends meet.
As the economy improved, office spaces had to adapt their floor plans. Empty cubicles were removed and office footprints decreased in exchange for open floor plans, quiet areas for more focused work, remote employees, collaborative spaces, and third spaces. By understanding the values of employees, some companies that were not centrally located also provided shuttles to mass transit hubs and invited food trucks for lunchtimes.
The rise of e-commerce has led to a worry that the American mall is dying. As brick-and-mortar stores fall to e-retail giants or are forced to jump into the online retail pond, there may be a glimmer of hope for retail property landlords, courtesy of Millennials.
When it comes to disposable income, Millennials – more than any other generation – are more likely to spend that money on experiences rather than stuff. They embrace life outside of work. According to a report from MetLife Investment Management, shopping can thrive when it is part of a mix of stores, restaurants, and entertainment. Among the ideas given a tremendous thumbs up: retail shops that provide unique products and excellent customer service, weekend farmers markets, restaurants that surpass the usual food court fare, and live entertainment.
Faced with a difficult economic environment, Millennials used their imagination, creativity, and digital ability to develop new ways of investing. Crowdfunding, which has multiple investors pooling resources via an Internet platform, was born with the Millennial generation. It’s now an idea that has gone mainstream.
Today, many Millennials are considered Millennipreneurs, successful business owners who understand the needs of their employees. As such, they meet many of the wants of their generation in specifically-designed office and retail spaces, so that work is more productive and life is more fulfilling.
In 1976, Allen I. Morris founded the firm that his son, Ken, now oversees. In those 42 years, the Morris Southeast Group has witnessed many changes and trends in the CRE market. By understanding and embracing the needs and desires of each generation, the firm has been able to remain relevant and successful in bringing clients and properties together.
For a free consultation or to learn more about CRE opportunities, call Morris Southeast Group at 954.474.1776. You can also reach Ken Morris directly at 954.240.4400 or via email at email@example.com.