South Florida commercial real estate will keep feeling the impact of the coronavirus pandemic next year, and the U.S. Senate races in Georgia could add changes depending on the outcome of the runoff elections.
So says Ed Easton.
There is no doubt COVID-19 will negatively affect many sectors of the real estate market, but not all industries will be impacted in the same way. Industrial real estate, in particular, may actually benefit from the current crisis.
CBRE Group published a market update on April 8, 2020, specifically relating to the impact of COVID-19 on the industrial sector of commercial real estate, clearly showing that several types of industrial real estate are seeing huge increases in demand since the outbreak.
The industrial party in South Florida seems poised to roll on in 2020.
As e-commerce giants increasingly seek out large warehouse spaces and interest from investors like Blackrock and Prologis grows, industrial prices in South Florida have skyrocketed over the past few years. Miami-Dade and Broward counties outperformed Palm Beach in the fourth quarter, the latter of which suffered due to the ongoing trade war.
