TWO under-construction developments located a stone’s throw from each other at the foot of swanky Westgate Hills in Montego Bay offer a peek into what has been described as an “explosion” of growth within Jamaica’s commercial real estate sector.

Strategically positioned to capitalise on the US$274.5-million Montego Bay perimeter road, once work is completed in 2028, both projects — U-Sure Warehousing and North Bank Logistics and Distribution Hub — are also well-placed to provide access to the western city’s port.

Anya Kerr-Jarrett, co-founder and broker at boutique firm Catalyst Realty Advisors, is working on U-Sure, a 3.8-acre project being done by renowned developer Frederik Moe who also did Fairview Shopping Centre, which transformed retail in Montego Bay.

Kerr-Jarrett explained that the timing and location of this latest project couldn’t be better.

“It is literally about two kilometres to the bypass [and] it’s about three kilometres from the port. So whereas before everybody had to be bringing in things from Kingston, there’s now going to be a viable option for the Montego Bay port. That’s a seismic shift in moving goods and services,” Kerr-Jarrett told the Jamaica Observer.

She noted that there is currently a deficit in not just warehousing space within Montego Bay but in commercial space overall.

“Whereas in days gone by anybody who’s looking to rent a facility would say, ‘Let me just see what is available on the market,’ now people have to plan ahead — even if they want to rent warehouse units,” Kerr-Jarrett said in explaining just how “hot” the market is.

She said she has seen interest in U-Sure from potential clients who are planning a year ahead. A blend of warehousing and retail, the development is expected to be completed in the last quarter of 2024. It is expected to make Montego Bay a more attractive option for businesses that have stayed away in the past because of congested roads which make a trip across town agonisingly slow.

“We’re seeing a lot of activity from Kingston-based distribution companies now looking at Montego Bay really, really seriously,” Kerr-Jarrett said of the buzz around U-Sure.

Those comments would also apply to North Bank, a 100-acre project being done in eight phases by Barnett Ltd, a few metres from U-Sure. With larger lots, it caters to a slightly different audience. According to the company’s website, North Bank is a “multi-phased industrial development” that will “provide logistical support to Montego Bay as the regional distribution hub for western Jamaica”. In addition to warehouse space it will house an educational facility.

“Included in this development is a 14-acre site [that] Barnett Ltd is donating for the Fairfield International Academy, a kindergarten-through-grade-12 private school with boarding, sports and educational facilities,” reads the description of North Bank on Barnett Ltd’s website.

On the other side of the city, in Ironshore, there are also a number of commercial lots and developments such as those in an area designated as the medical and health-care corridor.

“I’m really happy to see Montego Bay pivoting. We will never be
not known as the tourist capital of the world; we will never
not be the BPO capital of Jamaica, but you can’t have those industries growing without the commercial sector growing,” said Kerr-Jarrett.

“Ironshore will build out their commercial space, U-sure will build out, and North Bank will build out. And I think, amongst the three of them, they will satisfy and attract the businesses that need to have their presence here,” she added.

She speaks from experience.

Kerr-Jarrett and Catalyst co-founder Richard Oliver have, combined, more than four decades’ experience in real estate. They have had a hand in major projects such as Olympian Usain Bolt’s development in Half-Way-Tree, New Kingston Business Centre, the Ministry of Justice building, Phoenix Central, and Trafalgar 1 which is now underway, across from AC Hotel, Kingston. Since January they have operated as Catalyst.

“Anybody who is coming to market with a project, they’ll come to us and we’ll advise them on what the demand is. We’ve procured land for them; provided advice on how to market it, who to go to; and we have done many, many successful projects,” said Kerr-Jarrett who has been in the industry for more than 20 years.

The trends within the commercial segment of Montego Bay’s market, she said, are also evident in other sections of the country.

“As far as Kingston, there is also an explosion of commercial real estate. I would say islandwide, anything to do with commercial, industrial, warehousing, once you can find the land, there’s going to be an explosion of growth,” said Kerr-Jarrett.