Thursday, October 25, 2007
Ikea's Connection To S. Florida Multihousing Industry
ORIGINALLY POSTED 10-16-07
Ikea’s grand opening in Sunrise offers a silver lining to S. Florida’s apartment industry increasing storm cloud. . .occupancy. Ikea's expected success in Broward the "middle" county, suggests that a paradigm shift towards the rental market is occurring in our region. This shift despite the years of relentless campaigning by real estate brokers to shame renters into buying inflated condos and single-family homes.
I’m a fan of Ikea, I spent a substantial amount of the last decade furnishing my NYC one bedroom apartment with Ikea's “do it yourself” pieces and Wal-Mart priced accessories. Its furniture style for the most part appeals to our industry’s core demographic: contemporary tastes on a budget. Translation- college students, young urban professionals, military personnel and downsizing empty nesters will be Ikea’s lifeblood. That makes South Florida’s apartment Industry and this mega furniture retailer blood relatives. This connection is promising, because if Ikea’s is expecting great success in affordable home furnishings, it’s a safe bet that our industry will experience comparable success in providing the affordable homes for the daunting assembly of those furnishings.