Miami’s condo market, known for its booms and busts, is in the middle of a big boom that would typically be threatened by, inevitably, an oversupply of condos. But the dreaded trio of supply chain breakdowns, rising costs, and labor shortages pose the most significant hazard.

To offset rising construction costs and prepare for supply chain-induced shortages, some contractors and developers purchase materials and store them in warehouses earlier or modify sales contracts to account for changes to materials and appliances. And those measures may be more widely adopted now that a land war in Europe, ...