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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.
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.
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.”
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.