Research

Puerto Rico Land Report, H1 2021

Puerto Rican land is ripe for use and development. Federal and local tax incentives, demand for new developments, and industrial reshoring have contributed to making development on the island economically attractive.

Although the beginning of the pandemic led to a high degree of uncertainty surrounding the residential real estate market and the decline in property sales and rentals, property sales have seen major increases in the past few months. In fact, the demand for Class A residential and industrial properties has increased substantially. 

In addition, as a result of national reshoring efforts, there has been a significant increase in demand for light and heavy industrial sites, including green and brownfields.

Nearly the entire island is a Federal Qualified Opportunity Zone, and according to Representative Jennifer Gonzalez (R-PR), there is currently legislation under consideration in the U.S. House of Representatives (HR 7492) to make the remaining parts of the island (less than 5 percent) Opportunity Zones as well. However, there have been no further actions since July 6, 2020. 

With regards to agriculture, the opportunity zones have been especially attractive to the hemp farming industry, which sees value in the island’s natural climate and social acceptance to growing hemp.

 

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