Puerto Rico Industrial Report, H2 2021
After enduring a fiscal crisis, an extended recession, a multitude of natural disasters, and a global pandemic, Puerto Rico has continued to be resilient. The Island’s resurgence is founded on its healthy business environment, its status as a part of the United States, its highly competitive tax code, its coming emergence from government debt restructuring, and its entrepreneurial spirit. As 2022 begins, we feel optimistic that Puerto Rico will continue to expand and grow.
Industrial buyers and tenants are generally seeking sophisticated, turnkey warehouse space, and the local market is responding by upgrading its portfolio. PRISM, a local industrial management solutions company, has invested $15,000,000 in a revamp of its commercial warehouse inventory. The portfolio consists of over 2.3 million square feet located in 5 industrial parks in Catano, Bayamon, and Carolina (3). The parks consist of 21 total buildings with spaces ranging from 1,800 to 300,000 square feet. As of Q4, 2021, the portfolio is 90% occupied, with 94% increase in net operating income year over year.