South Florida CRE Leaders on What’s To Come In 2022

Regional commercial real estate experts are now looking ahead to 2022, and they spoke with Bisnow regarding what's on tap for the new year.  Lee & Associates South Florida President and Industrial expert, Matthew Rotolante, SIOR, CCIM, was tapped for expert insight on what he has been seeing in the marketplace.

“Industrial real estate is on fire in South Florida and starting to trickle north into St. Lucie County, which has many new developments in the pipeline. Remaining land in Miami-Dade and Broward counties is scarce and has become prohibitively expensive. Miami is seeing its first vertical warehouse project, which was a concept discussed for many years and now finally being put into practice. We expect more vertical warehouse developments to be introduced in the year ahead.”

Other comments and observations shared by others also include insights regarding a shortage of land for new development and the cost of construction expected to continue an upward trend and lease rates also expected to rise in 2022 because of escalating construction costs.

“The outlook for South Florida’s industrial market is bright for the coming years, fueled by the steady population growth [and] tourism, as well as business and wealth migration the region continues to experience," shared another Industrial commercial real estate professional in South Florida. "Miami-Dade County is expected to remain the epicenter for distribution, given that it reaches the largest population within the tri-county area. Submarkets such as Miami Gardens, Hialeah and Opa-Locka will continue to be a hotbed for new development due to the availability of land and optimal access for distribution and last-mile facilities. It is our belief that the next three years will be very active for the region’s industrial market given that it supports many of South Florida’s primary industries, including tourism and hospitality, retail, construction, cruising and e-commerce.”