What emerging trends are you noticing in Palm Beach County’s commercial and residential markets?

Residentially, we’re experiencing a tight inventory situation, which is causing home prices to surge. We’ve observed a significant influx of people from out of state with substantial cash, but interestingly, local residents also contributed to this migration during the pandemic. However, our ability to provide new housing was slowed due to builders halting construction amid supply chain disruptions, including issues like the Suez Canal blockage. Although there’s still buildable land, it’s expensive due to its scarcity.

How do you envision the future of commercial real estate in Palm Beach County?

Commercial real estate is making a robust comeback. Initial concerns about employees favoring remote work vanished as companies recognized the value of in-person collaboration. There’s a trend of repurposing retail spaces into residential complexes due to the housing shortage. We’re innovating to address this scarcity and create additional housing options.

What impact has the Realtors for Equality campaign had in the region?

In South Florida, we’re fortunate to have a naturally diverse marketplace, unlike some other parts of the country. We initiated a campaign emphasizing that housing is inclusive for all. The campaign underscores the economic significance of real estate activity, with every house sale contributing $92,000 to the local economy and generating two jobs. This highlights real estate as a vital pillar of our communities, which is why we fought for its recognition as an essential service during the pandemic.

What’s your perspective on the industry’s outlook?

The real estate industry is thriving, witnessing an influx of professionals joining the sector. As a local Realtor® association and MLS, we’re focused on scaling these numbers and providing comprehensive education and support to ensure their success.