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.
Warehouses are the hottest thing in commercial real estate these days.
Sustained growth in jobs, population and consumer confidence are driving expansion for contractors, building supply companies, food distributors and other businesses in need of industrial space across South Florida. As a result, vacancy are falling, rents are rising and developers are rushing to build more warehouses — in some cases “on spec,” without having tenants lined up.