PortMiami's Economic Impact on CRE

PortMiami's cruise and cargo operations have a significant impact on commercial real estate. Cruise passengers stay in hotels, shop in stores, and visit restaurants before and/or after their trips and cargo obviously affects warehouse demand. The logistics of how a port operates also affects real estate. 354,000 jobs are created by the port and affordable housing is a huge issue for employee retention and crew from both cruise and cargo ships. Since the port is an important economic driver for South Florida, we need to keep an eye on the larger picture and make sure that housing and retail options and experiences are available to support the workers not only at the Port, but throughout our service economy.