South Florida - economy, hiring, outlook
Anyone in this community based in/focused on South Florida? 

I’m curious what your outlook is. My goal is to move there from the northeast to South Florida and work for a multifamily investor or developer (currently on the multifamily equity side). 

South Florida’s economy was on fire last year but with COVID I’m not sure if there is still runway given the dependence on leisure and tourism.
[{"id": "fwm43eu", "text": "u/jamestgarner ?", "replies": [{"id": "fwm5a12", "text": "What?", "replies": [{"id": "fwm6ey9", "text": "He is an IS broker I think in FL", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fwn92b4", "text": "As long as NYC keeps up with rent ceilings and general over regulation, I don't see the continued growth of South Florida slowing down anytime soon.  Note: that was my opinion pre-covid.   Businesses will keep coming down to FL, especially South Florida because of the gentler taxes and warm weather.  Lived here my whole life and have worked for a multifamily developer, a retail brokerage shop, and currently a PE firm.", "replies": [{"id": "fwnnj9d", "text": "Does your current shop focus on multifamily? I\u2019d be curious to get your thoughts on the multifamily market, it does feel a little overbuilt.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fwnmj2s", "text": "Short term, only decent.  It's a growth market, and migration tends to slow in recessions.  On top of that a lot of the population growth comes from older folks that I think are going to be a little skittish about moving to a new place for a bit.  But you have to assume we either solve this or find a way to live with it, and I figure the growth markets come back.\n\nThe growth drivers (low regulations, low taxes, low wages) aren't going away, and businesses respond to that.  The one hold-up is the relatively low educational attainment, but I'll punt on whether that's because there's a lot of older people there that tend to be lower educated, which is a possibility, and I don't feel like checking.  \n\nNow, last thing I think about with South Florida is that there's risk in rising sea levels.  I am not interested in getting into the why, but the measurements indicate that the water is rising and Miami is built next to a swamp on porous limestone.  It is a real risk.  I would worry about rising insurance costs impacting development.  I will say that I have not observed any meaningful discount in pricing for buildings at greater flood risks, so that's a positive, but I also haven't looked in a while. \n\nAnyway, I think there's some better growth markets out there, but South Florida's still a good choice barring hurricane flooding or a total collapse on Covid.", "replies": [{"id": "fwnnfqq", "text": "Thanks! These are certainly risks to consider. \n\nFor me it\u2019d be great to be based there, just seems like a great place to live. Ideally I\u2019d work for a shop that invests in other growth markets like Tampa, Orlando, southeast and Texas.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fyggeff", "text": "There is still a lot moving in Florida across all product types. Hospitality definitely took a hit, but speaking to my multi-family partners, cap rates are still stable and deals are still moving. We\u2019re seeing the same thing in retail. Some of the tourism sub markets have taken a hit and the unemployment is definitely higher in the hospitality/bar/restaurant sectors, but I think there\u2019s still work for someone looking to get into the business on the real estate/developer side. Some in the business will definitely hide out or disappear with what\u2019s going on, but the ones who are still hiring will be the ones taking down the deals that will pop up in 6-8 months as a result of all this.", "replies": [], "depth": 1}]