Prime for Real Estate Investing, the Florida Space Coast Continues to Soar
September 26, 2019
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Prime for Real Estate Investing, the Florida Space Coast Continues to Soar
The economy in the Florida Space Coast, Brevard County and the Melbourne region continues to flourish as evidenced by the number of businesses seeking to capitalize on the demand generated by local technology, aerospace and defense companies such as Northrup Grumman, Lockheed Martin, L3Harris, Blue Origin and SpaceX. A few notable developments in the area include Virgin Trains USA’s expanded train line, the International Organization for Standardization’s (ISO) congress, and NAI Kurtz’s new Melbourne office.
The Evolving Space Coast
Virgin Trains USA, formerly Brightline and now in a strategic partnership with Sir Richard Branson’s Virgin Group, is building a $4 billion Orlando-to-Miami route straight through the heart of the Florida Space Coast. Phase 2 of the project commenced in May 2019 and is generating more than 10,000 jobs and more than $650 million in federal, state and local tax revenue. The groundbreaking ceremony in Orlando was held on June 24, 2019, and overall construction will likely be completed in 2022. Once finished, it is expected to be nearly the fastest rail travel in the United States at 125 mph, and also one of the smoothest rides, as reported by the Orlando Sentinel. The completion of the line will bring 170 miles of track to the Florida network. “Connecting Central and South Florida will bring thousands of jobs today and by modernizing infrastructure, we will strengthen Florida’s economy for decades,” said Patrick Goddard, President of Virgin Trains USA, in a May 21 press release.
In Melbourne, the ISO held its congress at Florida Tech University with delegates from 164 countries, as per Florida Today. The ISO sets international standards across many industries and at this particular congress, they focused on innovation management and how companies deal with intellectual property, research and development, management and more. Previous congresses have been held in major cities like Paris, Berlin, and Tokyo. Choosing Melbourne to host the event this year is indicative of the Space Coast’s increasing prominence globally.
The Real Estate Market
The real estate sector is also showing interest in the Space Coast. NAI Kurtz, a leading global commercial real estate brokerage firm, opened shop in Melbourne in response to the healthy economy and the high demand for premium real estate services in office, industrial, retail, investment and land, as stated in GlobeSt.com. “Brevard County is experiencing tremendous growth in the technology, defense, and space aviation sectors and is creating demand for all sectors of commercial real estate,” said Ken Kurtz, CEO of NAI Kurtz. “It’s just a matter of time before Orlando and Miami are linked by commuter rail and Brevard County is going to be one of the beneficiaries of the new train service.”
Beach Living in the Space Coast
And let’s not forget the prime location to the beach. In addition to economic growth, Melbourne, Florida, was ranked No. 1 in the United States as the best place to live near the beach, beating out San Diego, Sarasota, and Honolulu. The ranking is published by U.S. News & World Report and the locations are based on the order in which they appear on the overall Best Places to Live list, which factors in “the area’s affordability, job market, morning commute and access to quality health care, among other details.”
Real Estate Investing in the Space Coast
Indeed, the Space Coast region is catching the eye of many, including the real estate investment management sector. “The Florida Space Coast is prime for investing in real estate thanks to the billions of dollars being pumped into the region by leading tech and space companies,” said Francis Lively, CEO and President of The LCP Group, L.P., a 45-year-old real estate investment management firm based in New York that currently has a high-yield investment opportunity in Melbourne (with the option for an EB-5 green card). “The Virgin Trains USA new train line and the ongoing growth in the region will positively impact our high-yield investment opportunity in downtown Melbourne – the Hotel Melby by Hilton – which naturally may translate to better returns for our domestic and foreign investors in the property.”
There may be no better time than now to invest or buy real estate in Melbourne and Brevard County Florida. Perhaps Branson, Musk and Bezos are onto something.
