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The Key to Florida

22.01.20

Central Florida’s developing high-tech corridor is attracting Millennials nationwide, driving local office market.

Millennials are migrating across the states to work with high-tech firms in central Florida, according to new research from global real estate consultant JLL.

JLL reports the I-4 Corridor's job market is the tightest it's been in over a decade. Last year it was home to about 22,935 technology establishments providing 265,304 technology jobs, with the average salary of $89,945, according to the Florida High Tech Corridor Council.

For companies seeking to attract and retain talent, or optimize business location strategy, understanding the millennial appeal of the Corridor is key to planning for the future. Largely, it comes down to how work, lifestyle and community are being realized in the Space Coast, Orlando and Tampa Bay.

JLL's research analyst Benjamin Landes states:  "The Corridor promises to provide an on-going pipeline of high-quality talent as its universities continue to pump out graduates and new residents continue to move to the region. This trend is catching the eyes of major employers looking to grow their operations in an increasingly tight job market, driving up demand for office space and encouraging investment in new product."

Florida’s Space Coast, located in Brevard County, is gearing up for a massive resurgence in the space industry, as young professionals flock to the area in pursuit of high-paying STEM careers. This influx supplements the healthy tourism industry already well established in Brevard County.

Orlando is also witnessing a population increase of more than 1,500 residents every week, into the Orlando-Kissimmee-Sanford metropolitan statistical area (MSA) One of the fastest growing communities in the nation. Millennials make up 29.8 percent of the city's population, according to Esri Demographics, and a recent survey by homes.com ranked Orlando as the best city in the country for millennials in 2019 based on the job market, housing costs and age demographics.
Orlando Mayor, Buddy Dyer comments: "As a city, we continue to focus on growing and nurturing a strong tech and entrepreneurial community in Orlando," said Orlando Mayor Buddy Dyer. "A perfect example of our commitment is Creative Village.  Creative Village is anchored by the regional headquarters for Electronic Arts, Inc. (EA) and the UCF Downtown Valencia College campus alongside other high tech and creative companies.  This type of partnership fuels our unique culture of collaboration, strengthen our tech talent pipeline and increase Orlando's reputation as a tech hub."

Boasting a healthy amount of start-ups and tech companies, Tampa bay’s population of Millennials has grown accordingly and its population of 25-to 34-year-olds is forecast to grow by 4.4 percent over the next four years. Attractive to university students and graduates alike, Tampa Bay also features miles of coastline, dozens of parks and plenty of hip neighbourhoods.

Source: https://www.worldpropertyjournal.com/

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