EXPERTS FROM AROUND THE WORLD WEIGH IN ON PALM BEACH COUNTY’S FUTURE MARKETPLACE

Published Thursday, June 4, 2020

 

Today, industrial and commercial real estate leaders heard local, national and international perspectives from real estate experts at the Business Development Board’s virtual Real Estate Roundtable meeting. This particular meeting brought leaders from across the world to take a look at “Trends in the Marketplace Post COVID-19”, sponsored by Jesse Flowers of CenterState Bank and Moderated by Christopher Thomson of Cushman & Wakefield.

LOCAL

Gopal Rojegowda, Partner at Related Southeast, shared updates on current projects in the pipeline. When looking at what the heart of downtown West Palm Beach will look like in the future, popular trends include walkability, landscaping, and technology, all of which the new 360 Rosemary office building includes.  “We’re really excited to open this building in April of next year,” he said. Right now, the focus is on the wellness components of buildings since people will want quality office space after COVID-19.

NATIONAL

Stephanie Rodriguez, Vice President of Leasing and Development at Duke Realty, shared that there has been a national trend of warehouse construction going taller. Also, with the recent uptick in e-commerce, there’s been demand for space with more auto capabilities, such as ample parking and clear heights. The company is always on the hunt for more development opportunities in Palm Beach County and shared that many of their distribution and logistics customers also support the residential market, so the opportunity to grow will still be there. “By fourth quarter, we’ll definitely see an uptick in activity,” she said. “Deals are still being done.”

INTERNATIONAL

James Shepherd, MRICS | 林荣杰, Head of Research, Greater China at Cushman & Wakefield, shared that the Asia market has been recovering rapidly and businesses have gone back to normal. Changes in the workplace have included flexible work hours and upgraded air systems. China’s online retail market boomed and is currently seeing a lot of construction and land sales for distribution facilities. In terms of office environments, he predicts that there will be a shift for CEOs to take the wellbeing of staff into consideration. “In the future, we’re going to see more space in offices,” he said.                                                                                         

WHAT DOES IT MEAN FOR PALM BEACH COUNTY?

Kelly Smallridge, President and CEO at the Business Development Board, shared with the group that interest in Palm Beach County has only increased. The BDB is currently working with 10 companies that will build, lease, or occupy about 640,000 sq. ft. of space, creating a capital investment of more than $120 million. The future of industrial and commercial real estate for Palm Beach County is looking bright.

Investors

#1 Palm Beach County Board of County Commissioners Aerojet Rocketdyne Bank of America Bank United Baptist Health South Florida
Caler, Donten, Levine, Cohen, Porter & Veil, P.A. CareerSource Carrier DePuy Synthes Power Tools, a Johnson & Johnson Company Equestrian Center
Florida Crystals Corporation FPL Greenberg Traurig Gunster Hardrives, Inc.
HCA Palm Beach Hospitals Hedrick Brothers Construction Hospital for Special Surgery J.C. White JP Morgan Chase
LRP Publications Martens Group Minto Communities, LLC NCCI Nova Southeastern University
Palm Beach Aggregates, LLC Palm Beach Park of Commerce PNC Bank Pratt & Whitney (A United Technologies Company) Raymond James Financial Services/Boynton Financial Group, Inc.
RSM South Florida Business & Wealth Magazine South Florida Business Journal Stiles-Nicholson Foundation TD Bank
Tortoise Properties Wells Fargo & Company Wexford Capital