Why South Florida

SOUTH FLORIDA Why

DYNAMIC TRENDS DRIVING GROWTH Q1 2025

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CONTENTS SELECT A TOPIC TO NAVIGATE SECTIONS

MARKETBEAT

Office Q4 2022 Broward County

17.5% Vacancy Rate -42K YTD Net Absorption,SF $37.83 Asking Rent,PSF (Overall, All PropertyClasses) Absorption number is not reflective of U.S. MarketBeat YoY Chg

12-Mo. Forecast

ECONOMY The Broward County unemployment rate was 2.5% in November 2022, 100 basis points (bps) lower than one year ago. Nonagricultural employment totaled 905,200, an increase of 36,300 jobs year-over-year (YOY). Office-using employment including Professional & Business Services, Financial Activities, and Information had a combined increase of 8,800 jobs in the last 12 months. Broward County ranked third among all Florida markets in annual office-use job growth. SUPPLY Broward County’s overall vacancy rose 30 bps from the previous quarter and 50 bps YOY to 17.5%. This marks the third consecutive quarter of vacancy increases. Class A and B vacancies rose to 18.4% and 15.6% respectively, on par with each clas s’s peak vacancy rate during the pandemic. The increase in vacancy can be contributed to the completion of construction on the Optima Onyx Tower, which brought 277,000 square feet (sf) of available space to the market, and large tenant vacancies. Humana vacated over 120,000 sf of space in the Southwest Broward submarket during the second half of 2022 while MCNA Dental vacated 81,600 sf of space in Cypress Creek at year-end. DEMAND Year-to-date (YTD) leasing activity remained healthy for 2022 despite concerns of inflation and an economic recession, down just 1.9% from last year’s post -recession high. The Central Business District (CBD) continued to show positive market indicators with 136,298 sf of positive annual absorption, bringing the overall vacancy rate down 380 bps from one year ago. Solid activity in both the CBD and Plantation submarkets helped demand outweigh supply for much of 2022. However, negative absorption during the fourth quarter pushed the yearly number into the red by just over 42,000 square feet, a slight hiccup for the market but not at levels to raise concern. MARKET PRICING Overall asking rents began to show signs of leveling, ending the year at $37.83 per square foot (psf) full service, but a 4.1% YOY increase highlights rents continuing the trajectory upward to new record highs. Asking rates in the CBD continued to be the driving factor, finishing the year at $46.30 psf, on par with averages from the previous two quarters. The depletion of higher-tier Class A office availability impacted asking averages as lower-tier availability had more of an impact on overall rates. Uncertainty in the economy and growing sublease space could see rents continue to hold level through 2023, especially in the suburban submarkets.

ECONOMIC INDICATORS Q4 2022

905K Broward County Employment

YoY

Chg

12-Mo. Forecast

2.5% Broward County Unemployment Rate

3.7% Related Insights Cushman & Wakefield Research reports analyze economic and commercial real estate activity including supply, demand and pricing trends at the statewide, market and submarket levels. U.S. Unemployment Rate Source:BLS, FL Dept. Economic OPP -800 -600 -400 Thousands -200 0 200 400 600 800 2019 2020 2021 YTD 2022 Net Absorption, SF Construction Completions, SF $25 $27 $29 $31 $33 $35 $37 $39 2019 SPACE DEMAND /DELIVERIES

CLICKING THE HOME ICON WILL TAKE YOU BACK TO THE TABLE OF CONTENTS

OVERALL VACANCY & ASKINGRENT

20%

16%

12%

2020

8%

2021

Asking Rent, $ PSF

4%

2022

0%

Vacancy Rate

MarketBeat Reports

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TRI-COUNTY BREAKDOWNS

is one of the most culturally diverse areas in the country with nearly half of the population speaking multiple languages besides English.

The Miami-Fort Lauderdale-Palm Beach Metropolitan Statistical Area (South Florida MSA) is the seventh largest metro area in the United States with over 6.4 million residents.

The area contains a younger population with 25-34 year olds making up the largest percentage of the population by age.

South Florida

The area is known for its tropical climate, strong international ties, most notably with Latin America, and friendly business environment due to less regulation and lower taxes.

South Florida has recently seen an increase in new capital, companies, and people moving to the area due to its superior quality of life.

Population

Foreign-Born Population

Population

For

*Wall Street of the South - South Florida Business Journal

Population

Population

Foreign-Born Population

For

POPULATION 2,773,620 Miami-Dade County 2,042,754 Broward County 1,622,408 Palm Beach County 6,438,782 Total MSA

FOREIGN-BORN POPULATION 1,506,076 Miami-Dade County 527,031 Broward County 442,917 Palm Beach County 2,476,024 Total MSA 61% 21% 18%

43%

32%

SOUTH FLORIDA Foreign-Born % by County

SOUTH FLORIDA Population % by County

25%

Financial Services

Financial Services FINANCIAL SERVICES JOBS 213,500 Miami-Dade County 177,600 Broward County 83,200 Palm Beach County 474,300 Total MSA 45% 37% 18% Financial Services

MULTINATIONALS 1,000 Miami-Dade County 230 Broward County 70 Palm Beach County 1,300 Total MSA 77% 18% 5%

Multinationals

Mu

Financial Services

Multinationals

Mu

SOUTH FLORIDA Financial Services % by County

SOUTH FLORIDA Multinationals % by County

Cushman & Wakefield | Why South Florida

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“Wall Street of the South”- South Florida Business Journal

A SKILLED & GROWING WORKFORCE

South Florida's Labor Force is Unique as Nearly Half of the College Graduates are Multilingual.

South Florida has a reliable talent pipeline with employees drawn from more than 100 countries.

3.4 million, With a labor force of almost

of adults have a bachelor's or graduate/professional degree 38.4%

rate of unemployment South Florida has only 2.9%

Nearly 40% OF THE TOTAL POPULATION IS 25–54 YEARS OLD. Moody's Analytics

1.3M Employed Workers

438,000+ Businesses reside in South Florida

Cushman & Wakefield | Why South Florida

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INTERNATIONAL DESTINATION

Map Layer Options Toggle to Enable Views

Intl. Airports

Brightline

Rail & Intermodal

Metropolitan Areas

County Ports

Highways

Transportation Legend

Intl. Airports

Brightline Station

County Ports

Highways

Map Key Legend

AIRPORTS South Florida has three international airports with over 2,000 daily flights including over 190 international destinations, making it one of the top international hubs in the country. All three airports serviced over 99.5 million passengers in 2024, an increase of more than 4.4 million passengers from 2023.

Passenger traffic increased by 3.4 million during 2023 from the previous year

#1 International Freight #1 International Passengers

PORTS Known as the cruise capital of the world, South Florida has three significant ports that handle a large amount of passengers and cargo. All three ports are crucial economic drivers for the region and handled over 2.2 million TEU's in 2024. The area's most significant trade partner were with Latin America/Caribbean followed by Asia.

#1 Cruise Port in the World - Contributes over $43 Billion to local economy

#3 Cruise Port in the World - Contributes over $30 Billion to local economy

#4 Busiest container port among Florida’s 15 deepwater ports. Contributes more than $14 Billion to local economy

BRIGHTLINE Brightline is a high-speed passenger rail that currently connects Miami, Aventura, Ft. Lauderdale, Boca Raton, West Palm Beach, and Orlando. Additional stations are planned for Tampa, Disney, Stuart, and PortMiami. The Tampa and Disney stations are expected to be completed over the next five to eight years.

Cushman & Wakefield | Why South Florida

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SOUTH FLORIDA MIGRATION

A GROWING POPULATION South Florida's net migration totaled 186,081 since 2019. The increase in population led to residential home sales spiking in South Florida as well as fueling demand for multifamily investments throughout the region. The area has benefited from many wealthy residents moving particularly from the northeast. PROJECTED POPULATION INCREASE The South Florida MSA is projected to have a net migration total of 339,615 over the next 5 years.

THE SOUTH FLORIDA MSA IS PROJECTED TO GROW BY 1.6% THROUGH 2029 .

Net Migration 2019-2024

800,000

NET MIGRATION RANKINGS 2019 - 2024

600,000

400,000

200,000

-

(200,000)

(400,000)

(600,000)

Net Migration (2019 - 2024)

Projected Net Migration (2025 - 2030)

Cushman & Wakefield | Why South Florida

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EDUCATION

TOP COLLEGES BY ENROLLMENT 2023

MILLENNIALS Are the SECOND-LARGEST LABOR BASE in Florida

1

Miami Dade College 66,735

2 3 4 5 6 7 8 9

Florida International University 54,764

BEST STATE for Higher Education

#1

Broward College 52,000

Florida Atlantic University 31,659 Palm Beach State College 26,040 NOVA Southeastern University 18,023

U.S. News & World Report, 2024

75.0%

of graduates at local post-secondary institutions end up staying in Florida

Keiser University 8,513

Barry University 5,961

48.9%

of the population in South Florida has an associate degree or higher

St Thomas University 5,900 University of Miami 5,366

10

88.7%

of the population in South Florida has a high school diploma or higher

South Florida Business Journal

ESRI

Cushman & Wakefield | Why South Florida

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COMPETITIVE ADVANTAGE

FLORIDA IS A TOP 5 STATE IN OVERALL TAX BURDEN

REDUCED TAX RATE ON COMMERCIAL LEASES

FLORIDA RANKS AS A TOP STATE IN TERMS OF TAX POLICY WITH NO STATE PERSONAL INCOME TAXES AND LOW CORPORATE INCOME TAX. SOUTH FLORIDA HAS SEEN AN INFLUX OF WEALTH AS NEW RESIDENTS HAVE MIGRATED FOR THE TAX FRIENDLY BENEFITS.

4.5% 2.0%

RENTAL CHARGES PAID ON OR AFTER JUNE 1, 2024 for rental period of December 1, 2023-May 31, 2024 are subject to:

TAX $ $ $

Within the South Florida MSA, there are incentives to businesses and corporations relocating and expanding. Incentives include:

RENTAL PAYMENTS MADE PRIOR TO JUNE 1, 2024 that entitle the tenant to occupy the real property on or after June 1, 2024, are subject to:

Follow the Sun Campaign- Miami Downtown Development Authority (DDA) Program offers companies with at least 10 employees a one-time payment of $2,000 per person who relocates – up to $50,000 per business annually and $150,000 over a three-year period.

Cost of Living Comparison

#: RANK | *NATIONAL AVERAGE IS 100

Cost of Living Comparison

#1

Miamidda.com | hwww.bizjournals.com/southflorida/news/2024/04/26/miami-business-startup-incentive-program.html

250

Job Growth Incentive- Broward County Direct cash incentive paid to companies creating jobs in excess of the 115% of the county's average annual wage, up to $2,000 per new job or $200,000 per company.

200

#4

#7 #8 #12

#23 #27

150

Broward.org

#34

#36

#107

Job Growth Incentive Grant Program- Palm Beach County Incentives are paid on the number of new jobs created as well as residents relocating to the county. Eligibility and size of grant based on number of jobs created over a specified time period.

100

50

Discover.pbcgov.org

0

New York (Manhattan)

San Francisco

Los Angeles Boston Washington D.C.

Fort Lauderdale

Miami

Chicago Palm Beach Atlanta

Cushman & Wakefield | Why South Florida

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AN INFLUX OF CAPITAL

The amount of capital infused into South Florida has increased substantially over the last couple of years, particularly from venture capitalists and hedge fund managers. South Florida drew over $2.7 billion in funding for companies in the area across 373 deals in 2024. The $2.7 billion invested accounted for 63% of the total $4.3 billion funding for the state of Florida. While total capital invested was down from 2022's historic high, both deal volume and total capital increased YOY in 2024.

Venture Capital State Ranking 2024

Venture Capital Metro Market Ranking 2024

States

No. of Deals Total Invested (Billion) Total Invested (Billion)

States

No. of Deals Total Invested (Billion) Total Invested (Billion)

California

4,675

$118.7

Silicon Valley

3,233

$100.5

New York

1,992

$25.1

New York

2,150

$28.4

Massachusetts

892

$16.4

Boston

921

$16.7

Texas

793

$7.0

Los Angeles

1,019

$11.9

Colorado

385

$4.8

Philadelphia

621

$3.9

Florida

610

$4.3

Austin

378

$3.6

Washington

441

$3.6

Seattle

388

$3.4

South Florida started 2025 strong, with almost $900 million invested in the first quarter across 67 deals.

North Carolina

256

$3.4

Denver

334

$4.5

South Florida

373

$2.7

Illinois

365

$2.9

Delaware

Chicago

580

$2.8

345

$2.6

SOUTH FLORIDA RANKED 8TH IN THE NATION FOR NUMBER OF VENTURE CAPITAL DEALS SIGNED IN 2024.

South Florida Venture Capital Funding

539

$8.0B

600

501

$7.0B

500

404

$6.0B

373

400

$5.0B

276

300

$4.0B

249

$3.0B

200

$2.0B

67

100

$1.0B

$2.2B

$2.7B

$1.7B

$5.7B

$7.1B

$2.1B

$0.9B

0

$0.0B

2019

2020

2021

2022

2023

2024

2025 YTD

Total Invested

Number of Deals

Cushman & Wakefield | Why South Florida

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ACCELERATED NEW-TO-MARKET TENANT DEMAND

New-to-market demand persists as major driver of deal activity in South Florida, having reached unprecedented levels during the COVID-19 pandemic and remaining strong in its aftermath. Miami and West Palm Beach in particular have emerged as strategic hubs for business relocation and expansion, attracting a diverse mix of industries, including finance, technology, media, and logistics. • Over the past 24 months, more than 30 NTM companies have established a presence in South Florida. High-profile firms such as Citadel, Thoma Bravo, Goldman Sachs, FIFA, Industrious, and Knotel have all expanded into the region, drawn by favorable tax structures, a growing talent pool, and an increasingly interconnected regional economy. • This influx of new corporate tenants has brought a wave of new wealth to the area, allowing landlords to raise rents to historic highs and further cementing South Florida’s position as a premier destination for business attraction and expansion.

INDUSTRIOUS

GOLDMAN SACHS

Jupiter

NATIONS BENEFITS

MILLENNIUM MANAGEMENT

West Palm Beach

DYCON

Boca Raton

WEST MARINE

ORBIS EDUCATION SERVICES

Fort Lauderdale

Hollywood

THOMABRAVO

30+ COMPANIES RELOCATED OR EXPANDED OVER THE PAST 24 MONTHS.

Miami Beach

Miami

BLOCKCHAIN

Brickell Coconut Grove Downtown

AERCAP

HOUSE OF WISE

SANTANDER

KNOTEL

FIFA

KASEYA

CITADEL

Cushman & Wakefield | Why South Florida

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OFFICE MARKET SNAPSHOT - Q1 2025 89.6 MSF Area Management Wildlife Holey Land MIAMI

Refuge Wildlife National

Beach Delray

Kings Point

BROWARD

PALM BEACH

441

95

FLORIDA’S TURNPIKE

JUPITER / TEQUESTA / JUNO

1

A1A

South Florida

Boca Raton

AVENTURA

Deem City

PALM BEACH GARDENS / NORTH PALM

FLORIDA’S TURNPIKE

CORAL SPRINGS

441

DEERFIELD BEACH

49.1 MSF

40.5 MSF

Parkland

A1A

MIAMI LAKES

A1A

869

826

NORTHEAST DADE

95

Creek Coconut

PALM BEACH

75

Point Lighthouse

Springs Coral

CLASS A

CLASS B

811

441

95

1

SUBURBAN WEST PALM BEACH

POMPANO BEACH

MARGATE

Margate

27

WEST PALM BEACH

1

AIRPORT EAST/ CENTRAL DADE

Beach Pompano

704

869

811A

Lauderdale North

Tamarac

TAMARAC

98

BISCAYNE

FLORIDA’S TURNPIKE

882

CLASS A SPOTLIGHT

826

95

MIAMI BEACH

Park Oakland

AIRPORT WEST

FLORIDA’S TURNPIKE

27

CENTRAL BROWARD

Sunrise

812

112

441

I95

1

A1A

A1A

LAKE WORTH

SUNRISE

BROWARD

Lauderhill

95

836

Lauderdale Fort CBD

PLANTATION

75

CBD

1

41

FLORIDA’S TURNPIKE

595

BOYTON BEACH

and Francis Everglades

CORAL WAY

Weston WESTON

Miami-Dade

CORAL GABLES

Wildlife S Taylor

1

95

595

Area Management

A1A

COCONUT GROVE

39.5 MSF Inventory

15.4% Overall Vacancy

$63.03 Overall Rent (FS PSF)

Davie

Beach Dania

806

SOUTH MIAMI

DELRAY BEACH

HALLANDALE

PEMBROKE PINE

441

A1A

1

NW BOCA RATON

FLORIDA’S TURNPIKE

95

Hol lywood

Pines Pembroke MIRAMAR 826

FEDERAL HIGHWAY CORRIDORE DOWNTOWN BOCA RATON

KENDALL / SOUTH DADE

GLADES ROAD SW BOCA RATON

1

Beach Hallandale

Miramar

Estates Ives

Aventura Ojus

Club Country

Norland

Beach Sunny Isles

Beach Miami North

Scott Lake

Broward 16.1% Overall Vacancy

26.4 MSF Inventory

$41.50 Overall Rent (FS PSF)

Rental & Vacancy Rates Rental & Vacancy Rates

Supply & Demand SUPPLY & DEMAND

1,500,000

- 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000

13.0% 13.5% 14.0% 14.5% 15.0% 15.5% 16.0%

$- $10.00 $20.00 $30.00 $40.00 $50.00 $60.00

1,000,000

500,000

Palm Beach

-

23.6 MSF Inventory

13.6% Overall Vacancy

$50.96 Overall Rent (FS PSF)

(500,000)

(1,000,000)

2020

2021

2022

2023

2024 2025 YTD

2020

2021

2022

2023

2024 2025 YTD Q1 2025

Leasing Activity

Construction Completion

Overall Absoprtion

Overall Rental Rate

Overall Vacancy

Cushman & Wakefield | Why South Florida

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INDUSTRIAL MARKET SNAPSHOT - Q1 2025

MIAMI

BROWARD

PALM BEACH

Refuge Wildlife National

315.3 MSF South Florida

Beach Delray

Kings Point

JUPITER / TEQUESTA

441

95

441

A1A

NORTH CENTRAL DADE

NORTHWEST DADE

A1A

826

Area Management Wildlife Holey Land

FLORIDA’S TURNPIKE

NORTHEAST DADE

RIVIERA BEACH

FLORIDA’S TURNPIKE

75

95

1

255.7 MSF Warehouse/Distribution 25.6 MSF Office Services/Flex

34.0 MSF Manufacturing

Boca Raton

Deem City

95

27

HIALEAH

1

Parkland

A1A

AIRPORT NORTH MEDLY

1

869

AIRPORT EAST DADE

FLORIDA’S TURNPIKE

Creek Coconut NORTH BROWARD

Point Lighthouse

Springs Coral

826

704

811

WEST PALM BEACH

112

441

98

I95

A1A

Margate

Beach Pompano

AIRPORT WEST

882

869

95

811A

Lauderdale North

Tamarac

836

812

441

A1A

41

LAKE WORTH

95

Park Oakland

FLORIDA’S TURNPIKE

27

Sunrise

1

1

BROWARD

Lauderhill

1

CENTRAL BROWARD

FLORIDA’S TURNPIKE

826

SUBMARKET SPOTLIGHT

BOYTON BEACH

75

Lauderdale Fort

595

95

SOUTH DADE

and Francis Everglades

Weston

A1A

DELRAY BEACH

Wildlife S Taylor

FLORIDA’S TURNPIKE

806

595

Area Management

Davie

Beach Dania

SOUTHWEST BROWARD

441

Miami-Dade

1

SOUTHEAST BROWARD

BOCA RATON

A1A

95

179.3 MSF Inventory

6.1% Overall Vacancy

$16.91 Overall Rent (NNN PSF)

Hol lywood

Pines Pembroke

826

1

Beach Hallandale

Miramar

Estates Ives

Aventura Ojus

Club Country

Norland

Beach Sunny Isles

Beach Miami North

Scott Lake

Rental & Vacancy Rates

Supply & Demand SUPPLY & DEMAND

Broward 3.9% Overall Vacancy

Rental & Vacancy Rates

92.8 MSF Inventory

$16.63 Overall Rent (NNN PSF)

- 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 20,000,000

$10.00 $12.00 $14.00 $16.00 $18.00

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%

$0.00 $2.00 $4.00 $6.00 $8.00

Palm Beach

43.1 MSF Inventory

6.6% Overall Vacancy

$13.30 Overall Rent (NNN PSF)

2020

2021

2022

2023

2024 2025 YTD Q1 2025

2020

2021

2022

2023

2024

2025 YTD

Overall Rental Rate

Overall Vacancy

Leasing Activity

Construction Completion

Overall Absoprtion

Cushman & Wakefield | Why South Florida

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MULTIFAMILY MARKET SNAPSHOT - Q1 2025

293,641 UNITS Across 1,381 Properties

Effective Rent vs Stabilized Occupancy Rate EFFECTIVE RENT VS STABILIZED OCCUPANCY RATE

Absorption vs Completions ABSORPTION VS COMPLETIONS

25,000

94.7%

93.0% 93.5% 94.0% 94.5% 95.0% 95.5% 96.0% 96.5% 97.0% 97.5%

1,000 1,500 2,000 2,500 3,000

20,000

STABILIZED OCCUPANCY RATE Excludes Properties Still In Their Initial Lease-Up Period

15,000

10,000

5,000

- 500

-

2020

2021

2022

2023

2024 2025 YTD Q1 2025

OVER $26.7 BILLION In Sales Over The Past 5 Years

2020

2021

2022

2023

2024

2025 YTD

Effective Rent Per Unit

Stabilized Occupancy Rate

Construction Completions

Overall Net Absorption

Market Asking Rent Per Unit by Bedroom

5-Year Increase

1Q 2020 Rent

Studio

$2,124

24.8% $1,702

1 Bedroom 2 Bedroom 3 Bedroom

$2,255

30.2% $1,732

$2,710

32.2% $2,050 31.4% $2,567

$3,374

ALMOST 38,000 UNITS Currently Under Construction

Source: CoStar

Cushman & Wakefield | Why South Florida

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CURRENT & FUTURE DEVELOPMENTS

CITADEL HQ The development of Citadel's new, iconic, world-class tower will redefine the Miami skyline and further solidify this dynamic and vibrant city as a global destination for talented professionals and their families, businesses and culture.

MIAMI WORLDCENTER Miami Worldcenter, featuring 600,000 square feet of office space, is a premier urban destination with a compelling and unique blend of exceptional entertainment, retail, residential and commercial offerings.

citadel.com

miamiworldcenter.com

T3 FAT VILLAGE FAT Village is a 5.6 acre integrated, mixed-use creative office, retail and residential urban development in Fort Lauderdale’s Flagler Village neighborhood.

ONE WEST PALM ​One West Palm is a luxury mixed-use development containing a ±200,000 square foot Class A+ office space located in West Palm Beach.

10 & 15 CITYPLACE These two trophy Class A+ buildings will contribute nearly one million square feet of top-tier office space to Downtown West Palm Beach. With 15 CityPlace slated to be anchored by Cleveland Clinic, 10 & 15 CityPlace will continue to transform the area into a business and cultural hub.

t3fatvillage.com

onewestpalm.com

onebrickellcitycentre.com

Cushman & Wakefield | Why South Florida

/ 14

Market Leads

SOURCES

Authority (Miami DDA) Miami International Airport Moody's Analytics Palm Beach County Business Development Board Palm Beach International Airport PitchBook The Greater Fort Lauderdale Alliance The South Florida TechGateway

Institute (ESRI) Florida Ports Council Florida Realtors Florida Department of Economic Opportunities Fort Lauderdale International Airport Greenstreet Advisors LinkedIn Miami-Dade County Miami-Dade Beacon Council Miami Downtown Development

Cushman and Wakefield Research Axios Broward County Brightline C2ER: The Council for Community and Economic Research CoStar Group Crunchbase Draper Hero Institute Enterprise Florida Environmental Systems Research

Authors

Contributors

Josh Faircloth Research Manager | Tampa +1 813 424 3220 joshua.faircloth@cushwake.com

Easton Ricks Research Analyst | Orlando & Jacksonville +1 407 949 0803 easton.ricks@cushwake.com

©2025 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources believed to be reliable. The information may contain errors or omissions and is presented without any warranty or representation as to its accuracy. Cushman & Wakefield does not claim any ownership rights to the corporate logos featured in Why Florida and their usage in this research report is strictly for illustrative and informative purposes. Why Florida is intended for limited distribution.