Will Medical Marijuana Impact South Florida Commercial Real Estate?
This equation is indisputable and let me explain why. The issue of medical marijuana will affect all sector types of commercial real estate in a positive way. So what exactly will this mean for Florida commercial real estate?
First there is the industrial aspect. People will need warehouse space to store, process and distribute the stuff. The industrial market is already super tight right now so this will create a rush to develop more product. I think this will also increase traffic at our ports. Then there is the retail component. Eventually dispensaries will open in order to sell the product to the public, which will mean retail stores. Miami right now has record low retail vacancy rates. Imagine how this will impact that market if allowed. Just how many dispensaries and where they will be will depend on the individual cities and how they vote to encourage this growth, or not. Some have already passed moratoriums on the use even without the law being passed, like Boca Raton, while others will certainly be more welcoming. After all, the prospect of a massive increase in taxes is tough to any city to deny, especially if you are struggling. Finally, there will be needs for office space. All sorts of companies are forming to take advantage of this new opportunity and they will need office space just like every other business.
When thinking about all of this it reasons that more residential units will be leased and sold to accommodate all the people flocking to the new industry. Irrespective of your views on the subject of medical marijuana, there is a lot of cause for excitement from a real estate perspective as you can see. As for the vote itself, in 2014 it garnered 58% of the vote in a non-presidential election. Needing 60% to pass, it is almost a certainty this time around that it will. In the event that you are looking for any commercial real estate for a venture involving medical marijuana or any other business please let me know how I can help you with the real estate you will need for it. That is exactly what we do here at Rosenfeld Realty Advisors!
If you need to lease or buy commercial Real Estate in South Florida for the medical marijuana industry, call one of our experts at Rosenfeld Realty at (561) 756-1665.
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