By 2022, we expect video traffic to reach 82% of the total internet traffic. Undoubtedly, the abundance of video-driven applications will likely lead internet video traffic percentage to a further increase in the near future, enabled by associate advances in video devices’ capabilities. In response to this ever-growing demand, the Alliance for Open Media (AOM) and the Joint Video Experts Team (JVET) have demonstrated strong and renewed interest in developing new video codecs. In the fast-changing video codecs’ landscape, there is thus, a genuine need to develop adaptive methods that can be universally applied to different codecs. In this study, we formulate video encoding as a multi-objective optimization process where video quality (as a function of VMAF and PSNR), bitrate demands, and encoding rate (in encoded frames per second) are jointly optimized, going beyond the standard video encoding approaches that focus on rate control targeting specific bandwidths. More specifically, we create a dense video encoding space (offline) and then employ regression to generate forward prediction models for each one of the afore-described optimization objectives, using only Pareto-optimal points. We demonstrate our adaptive video encoding approach that leverages the generated forward prediction models that qualify for real-time adaptation using different codecs (e.g., SVT-AV1 and 265) for a variety of video datasets and resolutions. To motivate our approach and establish the promise for future fast VVC encoders, we also perform a comparative performance evaluation using both subjective and objective metrics and report on bitrate savings among all possible pairs between VVC, SVT-AV1, 265, and VP9 codecs.