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Though Hurricane Irma brought devastation — and an estimated $65 billion in damage — to Florida when it tore through the state earlier this month, the storm's clouds could have a silver lining for Gulf Coast commercial real estate.
Commercial real estate brokerage firm Cushman & Wakefield says the powerful hurricane could boost industrial demand short term, as the Federal Emergency Management Administration, the American Red Cross and other charitable groups set up beachheads for recovery efforts.
The firm also predicts Irma will generate only “minimal” impact on the state's office markets.
But Chris Owen, Cushman & Wakefield's Florida research manager, also warns that dangerous hurricanes could affect the state's economy going forward, with “future implications for location decisions and how commerce is delivered.”
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