PRIDCO has 152 vacant buildings, 378 unused lots in inventory
The Puerto Rico Industrial Development Company (known as PRIDCO) has an inventory of more than 500 lots and properties currently vacant across the island, this media outlet confirmed.
When broken down, the inventory includes 152 vacant properties with a combined capacity of more than 2.4 million square feet, and 378 unused lots spanning a combined 6.6 million square meters of land, according to data provided by this agency.
Given its vast portfolio, PRIDCO Executive Director Javier Bayón said the agency is looking to change the way these properties are marketed.
“PRIDCO is focused on managing the largest inventory of industrial properties on the island. One of the changes I am making as director is to work hand-in-hand with the private sector and the municipalities so that they can help us market these properties and increase their leasing potential,” Bayón said.
The plan calls for optimizing the agency’s “net leasable area and improve operational efficiencies to become the most effective real estate asset manager within the government of Puerto Rico. These efforts will result in a successful strategy to promote economic development,” he said, noting the plan has four priorities — a sense of urgency; ease of doing business; credibility; and innovation.
The strategy also calls for expediting negotiations, tackling the current case backload, streamlining operations and make negotiations flexible, and optimizing processes to, among other things, shorten negotiation times, and accelerate incoming revenue.
He also said the plan calls for involving other government agencies and the private sector to reach more potential buyers or tenants.
PRIDCO has an industrial portfolio in Puerto Rico that includes more than 1,500 properties strategically distributed throughout the island. The PRIDCO portfolio has industrial buildings, lots and vacant land that it leases or sells.
It’s buildings range from 2,000 to more than 100,000 square feet that can accommodate a variety of uses from light to specialized manufacturing, research and development, distribution centers, warehouse, or light industrial activities.