Puerto Rico: A Premier Destination for Commercial Real Estate

Introduction

Puerto Rico offers a unique blend of geographical advantages and economic growth opportunities that make it an attractive destination for commercial real estate (CRE) investments. With a population of approximately 3.2 million, Puerto Rico's economy is driven by a diverse array of industries including pharmaceuticals, manufacturing, and tourism. The island's strategic location in the Caribbean positions it as a vital hub for trade and commerce, further enhancing its appeal to CRE professionals.

Economic and Industry Overview

Puerto Rico's economy is bolstered by major industries such as pharmaceuticals, medical devices, and manufacturing, creating significant demand for various types of commercial properties including industrial, office, and retail spaces. The Puerto Rico Industrial Development Company (PRIDCO) plays a critical role in fostering economic growth by providing incentives and support to businesses investing in the region.

Key Industries Driving CRE Demand:

• Pharmaceuticals and Biotech: Home to major companies like Pfizer and Johnson & Johnson.
• Manufacturing and Aerospace: A growing sector with facilities needing industrial and office space.
• Tourism and Hospitality: Influences the demand for retail and mixed-use developments.

Strategic Location and Transportation Infrastructure

Puerto Rico's strategic location offers unparalleled access to both North and South American markets. The island's transportation infrastructure includes highways, ports, and airports that enhance its logistical capabilities.

Key Infrastructure Points:

• Ports: The Port of San Juan is a major shipping hub, facilitating international trade.
• Airports: Luis Muñoz Marín International Airport provides robust passenger and cargo services.
• Highways: An extensive network connects key commercial zones to labor pools and distribution centers.

Commercial Real Estate Inventory & Zoning

Puerto Rico's commercial real estate landscape is divided into several submarkets, offering a variety of opportunities across different asset classes.

Major CRE Submarkets:

• CBD (Central Business District): Concentrated in San Juan with a mix of office and retail spaces.
• Industrial Corridors: Located around major highways and ports.
• Innovation Districts: Focused on tech and research-driven developments.

Zoning and Development Incentives:

• Recent zoning changes promote mixed-use developments and offer incentives for sustainable buildings.
• For more information, view the Puerto Rico Zoning Maps.

Major Employers and Institutions

Puerto Rico hosts a variety of top employers and institutions that drive demand for commercial real estate.

Key Employers:

• Pharmaceutical Giants: Pfizer, Amgen
• Educational Institutions: University of Puerto Rico

For a complete list, visit the Puerto Rico Economic Development Department.

Notable Commercial Developments & Projects

Puerto Rico is witnessing several large-scale development projects that are reshaping its commercial real estate landscape.

Key Developments:

• Mixed-Use Projects: Integrating residential, retail, and office spaces.
• Public-Private Partnerships: Enhancing infrastructure and development in Opportunity Zones.

For planning details, check the Puerto Rico Planning Board.

Building Permits, Planning, and Development Tools

For developers and investors, Puerto Rico offers a range of resources to facilitate the planning and permitting process.

• Building and Safety Department
• Permitting Portal
• GIS Parcel Viewer
• Development Code

Market Data & Economic Reports

Investors can access a wealth of public data to make informed decisions in the Puerto Rican market.

• Census Data
• Puerto Rico Open Data Portal

Brevitas offers AI-powered aggregation from public data and internal insights. Explore Brevitas-powered dashboards for more information.

Why Use Brevitas for Puerto Rico CRE?

Brevitas provides a comprehensive platform for discovering and managing CRE investments in Puerto Rico.

Unique Features:

• AI-driven discovery and real-time market alerts
• Auto-generated listing pages and email tools
• Integration with brokers and developers for exclusive listings

For more on Brevitas' offerings, visit our Puerto Rico CRE page.