The talking heads of finance, geopolitics, and macroeconomics fill today’s airwaves with “big picture” forecasts of storms on the fiscal horizon. Fortunately, the smaller pictures—shaped by the unique circumstances and characteristics of individual areas—tell more encouraging stories of ample opportunity and promise.
That counternarrative sharpened into focus before a capacity crowd at the Business Development Board of Martin County’s Commercial Real Estate Forum, which featured an array of local and state experts at Indian River State College in Stuart.
Each speaker outlined how Martin County in specific and the Treasure Coast at large can capitalize on emerging trends in business, innovation and investment and capitalize on the defining opportunity, and challenge, of the moment—the labor market.
Opportunity
Martin County is blessed with beautiful natural resources, top-rated schools, and a relaxed pace of life unlike any found across the region. Such appeals—long beloved by locals—also attract executives who prioritize a high quality of life for their employees when looking to locate or expand their businesses. Thanks to the transformative nature of remote technologies, professionals of various stripes have renewed mobility and leverage to prioritize where they want to live at or above where they want to work.
In short, talent is on the move, and Martin County is a desirable place to land.
“Now, the employers are chasing the employees,” says Kenneth Krasnow, vice chairman of institutional investor services for Colliers, “and that presents a tremendous opportunity for the Treasure Coast.”
Krasnow rounded out a slate of speakers that included Cathy Chambers, economic development director for FPL, Z. Joe Kulenovic, vice president of international operations for Enterprise Florida, and Doug West, president and general manager of Willis Custom Yachts.
Pre-pandemic, commercial activity nationwide encompassed about 20 million square feet of space, Krasnow says. Today, that number stands at 60 million.
“It’s basically tripled,” he says. “A lot of that activity is taking place in the southeast.”
Martin County is ideally located near larger urban hubs but not so close as to command their higher land costs, says Kulenovic. “You’re close enough to the larger South Florida market,” he says, “but not so close that you have its higher prices.”
Challenge
That increased activity commands an increased labor force. But the same sense of flexibility that empowers employees to dictate to employers where they prefer to live also animates their resistance to putting down traditional roots through homeownership.
“A lot of people value flexibility,” says Krasnow, “and they feel renting gives them that. …An unnoticed perspective is the pushback from the community. That’s increasing some of the challenges.”
The recent addition of more multifamily housing options available for rent—particularly within the City of Stuart—has sparked community debate, illustrating the type of tensions Krasnow references.
Still, by the time the general public identifies a trend it’s usually on a downward trajectory. Illustrating the dynamic nature of today’s labor market, speakers cautioned against overinterpreting the endurance of remote work, particularly as companies balance its benefits and detriments against the chemistry and camaraderie coworkers create by sharing workspaces.
Strengths
“Our leadership believes that innovation happens when we’re all in the same building,” says Chambers. “I love that all these technologies and tools enable us to connect when we’re not able to get together, but we’re very much committed to being together.”
Many of the core private-sector industries that sustain Martin County—our Hubs of Excellence such as marine, aviation, agriculture, clean energy, and healthcare—will command hands-on labor for the foreseeable future.
“In the marine world,” says West, “it’s very unsophisticated—lots of things by hand.”
The emergence of quality, well-paying jobs across the Hubs of Excellence presents additional opportunities for local residents. As leaders of this industry plan for future growth, opportunities increase for young people who’ve grown up in Martin County and then typically move away for college or greater career options but long to return to raise their own families.
“This is one of the concerns we hear most frequently from across the business community,” says Joan K. Goodrich, executive director of the BDB. “People want to see local employment and housing options that are attainable for their adult children to remain in or return to Martin County.
“Fortunately,” Goodrich continues, “there’s a lot of partners across the private, public and nonprofit sectors—Boys & Girls Clubs of Martin County, Project LIFT, House of Hope, Stuart/Martin County Chamber, the Martin County government—working and investing in helping upskill young people for future job opportunities.”
Willis Custom Yachts will soon avail an array of such opportunities. Even with the help of about 200 contract workers during peak season—West is still looking to grow his 145-persn staff by 50 percent.
The company is planning expansions totaling nearly 180,000 square feet—and that accounts for only phase I of the improvements on tap for its 66-acre location by the St. Lucie River. Having worked in municipalities throughout South Florida, West says Martin County was by far the most business friendly entity to deal with during the approval process. The end result? Unanimous county commission approval of Willis Custom Yacht’s requested expansion.
“I can tell you that Martin County was much easier to go through the approval process,” he says. “It’s a great place to do business.”
Location, quality of life, strong economic pillars, and a skilled workforce—guided by responsive and responsible local leadership—position the county to attract high-quality, sustainable economic opportunities. Many will emerge quickly, says Chambers, and require swift and decisive action.
“Everybody is looking for sites they can move into in 18 months, 12 months,” she says. “That puts a lot of demand on the market.”
