New York and South Florida are in completely different paths when it comes to the Covid-19 pandemic. Many New York based businesses have seen tremendous opportunities in the South Florida real estate market. In fact, many New York developers in the hospitality industry have taken advantage of this.
According to Mitchell Hochberg, president of real estate investment company The Lightstone Group, hotel occupancy in the big city right now is about 20 to 30%. On the other hand, occupancy in Miami is between 90-100%. The developers just opened the Moxy Hotel on South Beach a couple of weeks ago. According to Hochberg, business has been booming. Right now, Miami has the advantages of having great weather and relaxed Covid-19 regulations. Therefore, many people are either moving to Miami or traveling here.
The commercial real estate industry in Miami and its surrounding areas is also doing well. New York’s Altamarea Group also recently opened a location of their “Osteria Morini” in Miami Beach. This restaurant was already in the works pre-pandemic. However, the migration of New Yorkers and the name recognition has helped business.
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