While a lot has changed over the last few months, one thing hasn’t–and that’s Tampa’s continuing growth, national visibility, and strategic importance.
One of the many companies that are making major moves in the Tampa area is Amazon.
The retail behemoth is growing its presence in our region in a big way and the pandemic hasn’t slowed it down. The company seems to have found its place in Florida and it’s in Tampa. Their footprint will be a whopping…
6,774,291 Total SF
of Amazon’s warehouse presence in the Tampa Bay region.
👉 That’s equal to 5.7 International Plaza Malls, 38 Walmart Supercenters, and 151 Publix Supermarket stores.
The company has already started hiring hundreds of new employees to work in the facilities that are coming online, including its Arbundale facility. The huge investment being made by the company will draw more people, money, and companies to the area.
I’m not surprised by the retailer’s strategic commitment to our area. We’re centrally located with easy access to the rest of the state, we have a growing talent pool, our cost of living is low, and we are an emerging tech hub.
Check out the map put together by the Tampa Bay Business Journal of Amazon’s locations in the area. Scroll down to the bottom of the page.
So, what does this mean for office property investors?
Amazon’s investment in the Tampa/Clearwater/St. Pete MSA means, that it’s time to take a look at–and potentially rebalance–your office property portfolio. As new ecosystems pop up to support Amazon’s operations, a new micro-economy will develop along with new centers of gravity. New vendors and providers, cargo and facilities support, and of course, new employees and workforce support companies will migrate the gravitational force that is Amazon.
Office properties in the e-tailer’s vicinity could be poised to benefit from their growth. However, while Amazon’s investment is great for our area, it will be essential to ensure that our currently diverse local economy doesn’t become over-dependent on the tech giant. The same goes for office property portfolios. It’s important to consider the opportunity for growth while maintaining a balanced approach.
To explore how your office property portfolio could benefit from Amazon’s growth in our area, contact me for a consultation at (813)957-6600 or send me a DM. I look forward to connecting with you.