South Florida is geographically bound by the Atlantic Ocean to the east and the Everglades to the west, creating a definitive boundary on physical outward expansion. Because raw land is virtually non-existent in core submarkets like Boca Raton, commercial growth relies almost entirely on urban infill, assemblage, and adaptive reuse. This structural scarcity drives premium asset pricing, elevates local barriers to entry, and demands extensive municipal zoning expertise.