The Florida real estate market suffered a lot from the pandemic, but some segments benefited and others underwent transformations. This is the case for the Single Family homes segment, which is extremely heated, with people from other states searching for large homes in suburban Florida. However, another specific sector is also undergoing interesting changes: the industrial sector.
Not that the industrial sector is as hot as that of single-family homes, but the pandemic brought changes in consumer behavior that ended up directly impacting the demand for warehouses! And how did this happen?
With more and more people shopping online and not physically going to stores, there was an enormous need for warehouses for storing products, food and other goods. There is a huge demand for warehouses, which encourages developers to search for land for new projects. The problem is that the Miami area, both Miami-Dade and Broward County, does not have enough zoning for this demand.
The situation is even more serious when we consider that the warehouses require large areas to be built, at least 10 acres.
Some market professionals projects a bubble in the segment, since the demand far exceeds the offer of land in this segment.