Rex Kirby, President & CEO, Verdex Construction

In an interview with Invest:, Rex Kirby, president & CEO of Verdex Construction, discussed key milestones, market trends, the integration of sustainability and technology, industry challenges, and the company’s strategies for growth, diversification, and maintaining its strong culture.

What were some key milestones over the past year for Verdex Construction?
We’ve been fortunate to operate in Florida, where people continue moving into the state. Opportunities remain strong on both coasts, and we’ve stayed busy. However, a noticeable change in the past several months has been greater difficulty for developers in securing construction loans, causing slight delays. While this hasn’t stopped opportunities, it has extended timelines for getting jobs off the ground.
Despite this, things remain positive overall. Developers and contractors adapted to higher prime rates, and we’ve seen some pricing relief. As projects were tabled, competition among subcontractors increased, leading to more competitive bids and helping move deals forward.
One key change has been the increased effort required to make deals viable for our clients. We collaborated closely with developers early in the process, offering suggestions to improve efficiency and cut costs, helping them reach budgets that worked. Other factors, like insurance costs, stabilized somewhat, though the prime rate remains a challenge.
Looking ahead, we’re optimistic. With a slight drop in interest rates and shifts in the political landscape, we expect opportunities to grow significantly next year.

What trends are you seeing in the market right now?
There’s a lot of activity in market-rate apartment projects, but two trends stand out. First, there’s a stronger push for affordable and workforce housing. Cities, states, and municipalities are offering incentives like increased density for projects that include these housing types, leading to more widespread adoption.
On the other end of the spectrum, we’re seeing high-end apartment developments with luxury finishes. These apartments cater to niche lifestyles, such as renting luxury units to host guests, essentially treating them as an extension of primary homes. This trend prioritizes high-end finishes and appliances and presents a stark contrast to the affordability push.

How do sustainability and technology factor into your current and future projects?
We evaluate new technology annually to enhance efficiency and sustainability. Tiffanie Artigas, who oversees these initiatives, was recognized as a past Procore Groundbreaker of the Year, a major industry accolade.
One recently added tech tool is OpenSpace, a 360-degree camera system mounted to a hardhat that documents jobsite progress. Our on-site team follows the same route through the job site daily, capturing images along the way. This documentation is invaluable for tracking progress and referring back to any specific stage of construction if questions arise, such as locating utilities within a wall, for example .
Our team follows the same route through the job site daily, capturing images along the way. This allows us to track the building’s progress visually and refer back to any specific stage of construction if questions arise
We’ve also adopted AI-powered tools that analyze drawings to produce fast, accurate takeoffs — calculating square footage, counting outlets, and more. What once took days now takes about five minutes, significantly improving budget pricing and efficiency of staff.
Additionally, we regularly assess materials and methods to align with our efficiency and sustainability goals. This commitment keeps us ahead of trends and delivers value to clients.

What challenges is the industry facing, and how are you strategizing to mitigate potential headwinds?
The lack of additional reduction in the Prime Rate is making capital harder to come by. In addition, tariffs are creating uncertainty which is making the capital market more wary and unsure about investing. If tariffs do go into effect, they could create material shortages and drive-up costs further, making projects even more financially unviable. We’re hoping negotiations result in a balanced approach that keeps trade steady.
On the flip side, people are concerned about projects delaying or not starting, so we are finding very competitive subcontractor pricing that is encouraging some developers to move forward.
Another challenge affecting our industry is, if we start losing labor due to a crackdown on immigration and there are no new workers to take their place, we will all struggle to get jobs built. While I fully support cracking down on illegal migrants with criminal backgrounds, we need a streamlined work visa program for the hardworking individuals who contribute so much to our industry.
A continual major challenge is the shortage of experienced tradespeople. While we have a hardworking group of trades, many lack the training needed for complex projects. This issue has been growing as older craftsmen age out, and the industry must work with our public schools to invest in vocational training and workforce development.
We’ve been advocating for greater awareness of trades as a rewarding and noble career path. Skilled tradespeople earn excellent wages, and their work is crucial to the economy. Many high school graduates do not take a college path and they need to know the benefits of learning a trade. We need to shift societal perceptions and work with the state to promote vocational programs and apprenticeships. Without this, the labor shortage could hinder growth.

What trends will shape the real estate and development industry over the next five to 10 years?
South Florida is uniquely positioned to attract people due to its visibility and appeal. Palm Beach County, in particular, continues to draw attention and investment. As more people move here, the market should remain strong, though increased demand may drive up land and construction costs.
A key trend is the difficulty of finding affordable land, often requiring redevelopment. Meanwhile, there’s a push for affordable housing to support the workforce, but progress is ongoing.
From a company perspective, we’re expanding strategically. For example, we’ve expanded into Miami at the request of current clients. We’re also looking at projects in Orlando, anchored by opportunities from existing Developer clients. This aligns with our focus on sustainable growth, improving internal systems, and preserving our culture as we scale.

How is Verdex Construction preparing for future growth while maintaining its culture?

We’re refining our systems to support our current size and projected growth. With 2025 revenue projected at over $350 million, maintaining our culture is a priority. Recently, we were named Best Place to Work by the South Florida Business Journal, reflecting our strong culture. Celebrating milestones, like our 10th anniversary, has helped bring our team together. A company-wide event featured a video of our journey and employee voices, underscoring how much the company feels like a family. As we grow, onboarding and training new employees in “The Verdex Way” ensures they align with our values. It’s about more than work — it’s about fostering a supportive environment where people want to thrive.

What projects are you currently working on, and how is the company diversifying?

Multifamily housing remains a core focus, including recent projects such as the 8111 South Dixie project in West Palm Beach, with 385 units and over 20,000 square feet of retail, and Spruce Apartments, a 270-unit development on the north side of West Palm Beach. But we have diversified into other sectors beyond apartments, we’re working on projects like the Wellington Sports Academy, led by former NFL player Jon Bostic, as well as the Treasure Coast Food Bank, a 130,000-square-foot warehouse and food distribution center. Our public sector projects are also growing, such as Palm Beach County’s new Mosquito Control Facility, and the new 60,000-square-foot office for Palm Beach County’s building, planning, and zoning department. These projects reflect our focus on broadening our expertise and ensuring we’re not solely an apartment builder. By diversifying, we’re positioning ourselves to stay resilient and adaptable as the market evolves.