Recent industrial market reports point to trade between Latin America and the United States as a defining factor in South Florida’s industrial growth.
According to the 2019 South Florida Industrial Market Outlook by Transwestern, imports and exports increased by 9.1% year-over-year in 2018. PortMiami, Port Everglades and Port of Palm Beach saw increases of 15.2% in that same period–up to nearly 19 million tons.
As ComReal has previously reported, the region’s industrial market remained stable in 2019, but continual trade activity from the Dominican Republic, Honduras, Guatemala, Colombia and also China are producing excellent conditions for an increase in industrial leases in 2020. Currently, the Dominican Republic is the region’s top trading partner at $5.4B. Cars, cotton and printers represent the top imports, while clothes and gasoline are the top exports.
With trading partners like the Dominican Republic and Honduras both forecasted for high GDP growth in 2020, it is likely that the demand for goods, services and industrial space in South Florida will stay strong into the new year.
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