Development activity accelerates with a 2.25 million square foot pre-development pipeline from Toa Baja to Carolina, while construction costs continue rising and tenants accept minimal improvements due to severe space scarcity across all submarkets. Puerto Rico's pharmaceutical sector drives significant expansion with over $748 million in new investments from Amgen, Millicent Pharma, Terumo, and Bethel Protective, while defense companies explore opportunities and tenant improvements remain minimal due to market strength.