Office Market Recovers In Hurricane Plagued Miami
Office “foot traffic” recently hit its highest level since July 2019. Between that month and July 2024, the lift was 72.2%. The large city with the greatest surge was hurricane plagued Miami where the figure rose 90.6%. It is another sign that as the commercial office activity grows due mostly to companies moving from the north, the threat of dangerous weather is largely being ignored.
Other data used originated from Placer.ai which uses cell phone data. It reported “Miami and New York led the regional recovery pack in July – with visits to offices in both cities reaching about 90% of July 2019 levels.”
The Capitolist reports recently reported, based on 2023 data “Florida had 86% more corporations move their HQ there, compared to the number of companies that chose to move their head office out of Florida — the highest net gain of any state!.”
All of this inward bound business traffic seems to ignore a forecast that climate change will partially bury some cities under water in the next few decades and will be hit by more violent hurricanes. A recent study showed that a fifth of Miami would underwater at high tide by 2035. Another forecast said two thirds of the city would be underwater by 2060.
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