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Puerto Rico: A Premier Destination for Commercial Real Estate

Introduction

Puerto Rico, a vibrant and strategically located island in the Caribbean, offers significant appeal for commercial real estate (CRE) investors and professionals. With a diverse economy driven by industries such as pharmaceuticals, manufacturing, and tourism, Puerto Rico presents unique opportunities for CRE development and investment. The island's status as a U.S. territory ensures a stable economic environment and legal framework, making it an attractive destination for both domestic and international investors.

Economic and Industry Overview

Puerto Rico's economy is bolstered by a robust manufacturing sector, particularly in pharmaceuticals and electronics. The island is home to numerous industrial facilities that drive demand for industrial and flex properties. Additionally, the tourism industry contributes significantly to the local economy, supporting the retail and hospitality property sectors. The Puerto Rico Industrial Development Company (PRIDCO) and economic incentives such as Act 20/22 further stimulate CRE demand by attracting businesses and investors to the region.

Strategic Location and Transportation Infrastructure

Puerto Rico's strategic location connects North and South America, offering logistical advantages for distribution and trade. Major highways such as PR-52 and PR-22 facilitate easy access across the island. The Port of San Juan, one of the busiest in the Caribbean, supports robust maritime trade, while the Luis Muñoz Marín International Airport provides direct flights to major U.S. cities and international destinations. Puerto Rico Department of Transportation and Public Works offers detailed insights into the island's infrastructure.

Commercial Real Estate Inventory & Zoning

Puerto Rico's CRE market features diverse submarkets, including the Central Business District (CBD) of San Juan, industrial corridors in the south, and burgeoning innovation districts. Key asset classes include industrial, retail, office, and mixed-use developments. Recent zoning changes and overlays, such as those promoting Opportunity Zones, incentivize developers with tax benefits. For zoning maps and parcel information, visit the Puerto Rico Planning Board.

Major Employers and Institutions

The island hosts major employers such as pharmaceutical giants Johnson & Johnson and Medtronic, which drive demand for industrial and office spaces. The University of Puerto Rico, with its multiple campuses, contributes to a skilled workforce and supports research and innovation. For a comprehensive list of businesses and institutions, explore the Puerto Rico Economic Development Department.

Notable Commercial Developments & Projects

Puerto Rico is witnessing significant commercial developments, including mixed-use projects and innovation parks. The Roosevelt Roads redevelopment project exemplifies a successful public-private partnership, transforming a former naval base into a hub for commerce and tourism. For more information on planned developments, visit the Puerto Rico Planning Board.

Building Permits, Planning, and Development Tools

For CRE professionals, navigating Puerto Rico's development environment is facilitated by resources from the Puerto Rico Permits Management Office. Access building permits, zoning information, and GIS tools through their online portals, linked below:

Market Data & Economic Reports

Public data sets from sources like census.gov and the Puerto Rico Institute of Statistics provide valuable insights into demographic and economic trends. Brevitas leverages AI-powered aggregation from these public data sources to offer real-time market insights. Explore Brevitas-powered dashboards for Puerto Rico here.