Jules Morgan, Executive Director, NAIOP South Florida Chapter

May 2026 — Invest: sat down with Jules Morgan, executive director of the South Florida chapter of NAIOP, to discuss how South Florida’s commercial real estate landscape is evolving and what her members are watching most closely across the tri-county region. Morgan underscored how affordability, workforce realities, and infrastructure are increasingly shaping development decisions. “Developers are trying to predict what the market will need five or 10 years out. It’s not for the faint of heart, and the people who succeed at it are incredibly skilled,” Morgan said.

Looking back at the past year, what changes in South Florida’s commercial real estate market have had the biggest impact on NAIOP members and on investor sentiment?

South Florida commercial real estate is generally exciting. We don’t get hit hard like some other markets do, and the cast of characters is always interesting. It’s constantly evolving, which keeps investors engaged and keeps our members focused on what’s next.

One of the biggest surprises over the past several years has been the growth of small-bay industrial. That segment has been booming, with strong sales activity across the region. It will be interesting to see how rents ultimately reflect those sale prices over time.

We also recently hosted an office market update, and I came away encouraged. After COVID, there was a lot of nervousness, especially around office. Industrial continued to thrive, retail stayed steady, but office felt a bit melancholy for a while. Hearing developers and brokers talk about renewed demand and activity made it feel like office is coming back, at least for the right product in the right locations.

At the same time, older class-B and C buildings are being redeveloped, which removes inventory from the market. Class-A properties are also being refreshed with amenities so they can compete with newer, high-end product. Overall, the energy from people closest to the deals has strengthened significantly.

What have been some of the biggest challenges your members have faced this year as it relates to economic expectations and demand?

I wouldn’t describe them as major pain points, but there are ongoing challenges. The biggest one I hear about, particularly from developers, is the search for capital and the complexity of financing deals in today’s environment.

Some developers are well-capitalized and ready to move. Others are actively searching, traveling to secure partners and funding. The capital stack and the requirements lenders bring to the table are complicated, and while I don’t pretend to understand every detail, developers certainly do.

From the outside, projects can look like they appear overnight, but many have been in the works for years. It can take a decade of planning, approvals, and forecasting to bring something to market. Developers are trying to predict what the market will need five or 10 years out. It’s not for the faint of heart, and the people who succeed at it are incredibly skilled.

How has NAIOP worked to support members through these challenges?

Advocacy is a core part of what we do. We spend time in Tallahassee and in Washington, D.C., talking with policymakers about issues that affect commercial real estate and the broader business environment.

We’ve been involved in conversations around issues like lease tax and other policies that influence investment decisions. The goal is to support responsible growth and help create clarity for businesses making long-term commitments.

Because policy can change quickly, I’m careful about getting too specific without context. But advocacy is not theoretical for us. It’s a practical way we support our members and the region as a whole. We also work closely with NAIOP Florida and regional leaders who bring deep expertise in tax and policy matters.

How does Broward County differ from Miami and Palm Beach, and where do you see the greatest development opportunities?

Industrial has been strong across all three markets. After surging during the pandemic, it has settled into a steadier pace that feels like the new normal. We recently held an industrial event in Miami and had our largest turnout. People stayed, connected, and wanted to keep talking. That level of engagement says a lot about continued interest and activity, even as growth stabilizes.

Multifamily has also performed well, but affordability is becoming central to the conversation. South Florida is expensive, and while high-income residents can find housing, the people who support those businesses need options too. That’s where opportunity and challenge meet. Sustainable growth depends on having a range of housing types across the tri-county region.

What potential headwinds could slow industrial growth, and what is your broader outlook?

Industrial may not continue growing at the same pace, but I expect it to remain strong. My prediction is a leveling off rather than a downturn. Quality product in good locations will continue to be developed.

Small-bay industrial is especially important because it serves the businesses that keep the economy moving. Local service providers and small operators need functional, affordable space. Whether those businesses can continue operating here depends in part on broader economic conditions and affordability.

Commercial real estate is deeply connected to workforce issues, infrastructure, and policy. When pressure builds in one area, it affects the others. The challenge is managing that balance.

How are developers thinking about affordability?

Even developers building high-end projects care about affordability. There’s a misconception that luxury development exists in isolation, but that’s not what I see. Developers understand that communities need balance.

We need housing for the people who make daily life possible, from restaurant workers to office staff to service providers. They all need a place to live. It can’t be all platinum and diamonds.

At the same time, projects have to work financially. The math has to work. The question is how to create solutions that make sense on paper and in practice. There are conversations happening around incentives and policy tools that can support workforce housing, and it’s encouraging to see that treated as a real business issue.

Looking ahead two to three years, what conditions need to be in place for South Florida to sustain its upward momentum?

Transportation and infrastructure are critical. Brightline is a great example of how mobility can shape business decisions. Infrastructure affects logistics, development feasibility, and long-term success.

Developers care deeply about quality of life, even if that isn’t always recognized. I speak with them constantly, and these issues keep them up at night. Traffic flow, community impact, and infrastructure capacity all matter.

No one wants to develop something that doesn’t work. Long-term success depends on thoughtful planning, investment in infrastructure, and an understanding of how projects fit into the broader community. Those are the conditions that will help South Florida remain competitive and attractive for investment.