Research

Puerto Rico Land Report, H1 2020

Puerto Rican land is ripe for use and development. Federal and local tax incentives, demand for new developments, and industrial reshoring have combined to make development on the island economically attractive. Due to the uncertainty surrounding the timeline of the COVID-19 pandemic, residential capital markets activities on the island have been put on hold, as investors take a “wait and see” approach to investment opportunities on the island. Conversely, as a result of national reshoring efforts, there has been a significant increase in demand for light and heavy industrial sites, including green and brownfields.

Virtually the entire island is a Federal Qualified Opportunity Zone, and according to Representative Jennifer Gonzalez (R-PR), there is currently legislation under consideration in the U.S. House of Representatives to make the remaining parts of the island (less than 5 percent) Opportunity Zones as well. With regards to agriculture, the opportunity zones have been especially attractive to the hemp farming industry, which sees value in the Island’s natural climate and social acceptance to growing hemp.

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