Doug Aronson, a net lease broker and managing director in Calkain’s South Florida office, sounds off in this exclusive interview.
MIAMI—The financial toll from monstrous Hurricane Irma is still being calculated but early estimates are already in the tens of billions of dollars. Indeed, the ferocious storm wreaked havoc across most of the entire State of Florida. Some are still experiencing power outages.
While it will take many months for some Floridians to fully recover, Doug Aronson, a net lease broker and managing director in Calkain’s South Florida office, says investors and developers will still flock to the state as they have before. Do you agree with his reasons?
GlobeSt.com: Why do you feel Irma won’t make developers and investors think twice about putting their money in Florida?
Aronson: Florida is the “Sunshine State.” And the sun continues to shine once the storm passes. Always has. Always will.
Right now, the sentiment is dire in places like the Florida Keys. But it’s important to remember that tourism is this state’s lifeblood. Florida will rebuild and thrive as it has in the past.
The state recently surpassed New York as third most populous state in the country. Where there are people, there is opportunity.
GlobeSt.com: Investors have myriad of choices to place their money. Why focus on Florida if they don’t have to?
Aronson: Florida remains attractive for many reasons. First off, it’s one of the few states that does not have a state income tax. Secondly, it continues to attract wide attention from foreign investors.
Europeans, Chinese and of course Latin Americans have heavily invested their dollars in the Miami metro and still do. Orlando is well known internationally. Tampa Bay is well populated and a great place to find slightly better yields. Even Jacksonville, despite the record floods, will rebound in time and offer desirable opportunities.
GlobeSt.com: Irma took an emotional as well as physical toll on its residents. Will investors and developers be quick to rebound and immediately pick up from where they left off before the storm hit?