The first half of the year has already proven to be on of the busiest construction seasons in South Florida. Attorney Luis Flores, managing partner of Saul Ewing Arnstein & Lehr's Miami office, has more than $250 million in financing deals in the pipeline.

Like most growth markets, inward migration is driving the construction trend. "Florida is seeing unprecedented demographic growth. Between 2010 and 2020, Florida's population grew by 2.7 million residents, according to U.S. Census data. The pandemic accelerated this growth with an estimated 329,717 new residents settling in Florida between April 2020 and April 2021," Flores tells GlobeSt.com.

Multifamily and condo projects specifically are booming, but natural barriers have made it challenging to bring these properties to market in the past. "Development in South Florida is constrained by the ocean to the east and the Everglades to the west, so the only option for developers is to go vertical," says Flores. "Limited land options coupled with population growth is creating significant demand for more residential properties. We are also seeing increasing demand for commercial space as companies follow the population trends and relocate to Florida or establish a regional headquarters here."