The CBRE 2020 Real Estate Market Outlook Report examines the current state of U.S. commercial real estate, outlining the many possible challenges and opportunities the industry could face throughout 2020.
Some industries that drove demand in South Florida’s warehouse market — such as flowers — are shrinking due to the coronavirus pandemic. But one is growing: Pharma.
While commercial travel is now restricted, cargo airlines are expanding flights to meet increasing demand for pharmaceutical products leaving Europe. Some shipments that would normally travel in the belly of passenger flights are now arriving by special cargo flights.
The coronavirus pandemic has shaken and rearranged trade and supply chains in Miami-Dade County, home to PortMiami and Miami International Airport, global hubs for international trade. It has also pushed the country into an economic downturn, causing a collapse in demand for many products. But this enormous trade system — which includes importers, exporters, logistics firms, freight forwarders, warehouses, customs brokers, transporters and others — continues to function even as it deals with shortages of merchandise, demand spikes, business closings, import delays, sick employees, and the need to reduce personnel.