Montego Bay is on the brink of a commercial real estate explosion, driven by two ambitious projects, U-Sure Warehousing and North Bank Logistics and Distribution Hub. Positioned to leverage the upcoming US$274.5-million Montego Bay perimeter road, these developments spotlight the city’s burgeoning role as a commercial powerhouse in Jamaica.
Strategic Location and Potential Impact
U-Sure, a 3.8-acre venture by Frederik Moe, and North Bank, a 100-acre project by Barnett Ltd, are strategically located near Westgate Hills, offering easy access to Montego Bay’s port and bypass. Anya Kerr-Jarrett from Catalyst Realty Advisors highlights the significance of these projects in addressing Montego Bay’s warehousing and commercial space deficit. With completion dates set for late 2024 and beyond, these developments are expected to attract businesses seeking to avoid Kingston’s congested roads, making Montego Bay an increasingly attractive option for distribution companies.
Rising Demand in Commercial Space
According to Kerr-Jarrett, the market for commercial space in Montego Bay is “hot,” with potential clients planning a year ahead. The blend of warehousing and retail offered by U-Sure, coupled with North Bank’s larger lots and educational facilities, signifies a diversified approach to commercial development. This trend is not confined to Montego Bay; Kingston also experiences a boom in commercial real estate, indicating a nationwide growth spurt in this sector.
Expert Insights and Future Prospects
Kerr-Jarrett, with over 20 years of experience in the industry, and her co-founder at Catalyst, Richard Oliver, bring a wealth of knowledge to the table. Having contributed to major projects across Jamaica, they see the developments in Montego Bay as part of a larger trend towards commercial expansion. The completion of U-Sure and North Bank is anticipated to meet the needs of businesses requiring a presence in Montego Bay and contribute to the city’s pivot from a tourist and BPO focus to a commercial hub.
As Montego Bay continues to evolve, the commercial real estate sector stands as a testament to the city’s dynamic growth and adaptability. With strategic developments like U-Sure and North Bank, Montego Bay is set to redefine its economic landscape, providing new opportunities for businesses and bolstering the city’s position as a regional distribution hub.