E-commerce’s impact on industrial demand is big, but it’s also helping drive demand for office space in places like metro Miami-Dade, Pointe Group Advisors prez William Holly tells us. (Now, if you could only buy that office space on Amazon.)
Consumers are coming to expect same-day fulfillment on many online purchases, and retailers are rushing to oblige. According to a recent JLL e-commerce report, some 40% of big-box industrial requirements correlate to e-commerce, and the sector is growing globally by 20% a year. (It's never been easier to be a hermit.) Though no one’s tracking ancillary demand for offices—which fulfillment companies need to oversee all that fulfillment—“the newest driver in Miami office is e-commerce,” William says. “It’s a new phenomenon.”
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E-commerce is one of a number of service-industry drivers that are heating up, according to William. It's also competing with law, real estate, and accounting for office space in Miami-Dade. And with more entrepreneurial activity the lack of need for large office footprints, and a desire for flexibility, the market's also seeing growth in the executive suite/business center space, he says. Recently, BOMA honored William with its 2014 Leasing Agent of the Year Award; he's repped over 20 Class-A office buildings in South Florida over the course of his career.
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