A recent report in the Orlando Business Journal revealed that the number of seven-figure earners in Florida is rising, with 77,670 tax filers earning at least $1 million in 2022—an 8% increase from 2021.
In contrast, most other U.S. states saw a decline in high earners, with a national drop of 2%. This trend highlights the migration of wealth to Florida.
The luxury real estate market is responding to this growth with increased demand in areas like Windermere, Winter Park, and Lake Nona. However, developers must consider vacancy rates, tenant demand, and construction timelines.
Recent projects, such as the Wyld Oaks mixed-use center in Apopka, reflect this high-wage growth, focusing on connectivity to major employers and spacious living options as employees return to the office.
In an interview with OBJ,. Brendon Dedekind from Trammel Crow Co. emphasized the uncertainty of when demand will peak—whether in 12 or 36 months.
“We’re kind of in this place where we know demand is coming and the question is whether it is 12 months away or 36 months away?” Dedekind said. “Am I going to jump in my boat and start going toward that demand now and then I’m early and I’m stuck — or am I going to wait for too long?”
