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John Blog Employment Growth Trends August 2020

Employment Growth Trends in the Tampa-St....

Jobs and unemployment are important factors shaping the office sector. Increasing numbers of jobs indicated an increased need for office space, while higher numbers of unemployment show the potential for a decreased need. Here are the latest unemployment numbers for your consideration. The Tampa area unemployment rate was 6.8% in August, up 3.5 percentage points YOY In August, two main sectors gai...

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John Milsaps Sales Comps June-July 2020

Tampa Office Sales Comps & Report | ...

As we made our way into the end of the first half of a truly unprecedented year, sales started to pick up although still showing year-over-year declines. In June, the office market transaction volume was $17,739,000 versus $66,800,100 in 2019, reflecting a -73.4% YOY decrease. The number of transactions declined slightly from 13 in June 2019 to 12 in June 2020. In July, the total volume was $12,58...

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Office-Using Emlpoyment Updates September 2020 - Which office-using sectors are growing, and which are declining?

Office-Using Employment Updates Sept 2020

Employment trends have a direct impact on office demand. As foreseen, national employment in office-using sectors has seen job losses. However, at a 5.6% decline YOY in July 2020, it demonstrates better performance than the overall economy which experienced a decrease of 7.5% YOY.   Financial activities, one of Tampa’s biggest sectors, has shown more resilience with fewer losses than the infor...

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Amazon’s 6 Million+ SF Footprint in...

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 hav...

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Office Property Sales & Trends | May...

A look at macro and micro trends including my monthly Tampa Office Sales Comps Report The Big Picture As we move into the second half of this unprecedented year, more companies are starting to make decisions and moves to accommodate the new workplace reality. Just this week, Pinterest announced the termination of its 490,000 SF lease in San Francisco. The surprising move resulted in a one-time $89...

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Tampa Office Sales Comps & Report | ...

Resilience is the new “normal”. COVID-19 has presented challenges for everyone, including office property owners. We’re living through extraordinary times, but while circumstances are changing daily, we can navigate these difficulties by looking at data, tracking evolving market trends, and looking for emerging opportunities. As we move forward in the recovery process we are beginning to see...

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Office Market Mid-Year Executive Update

The Exodus That Never Was…Or, Is It...

Office Market Mid-Year Executive Update As we move into the second half of the year, and the second wave of COVID-19, office property investors are standing by to see how the pandemic affects the office market. While many feared the dramatic exodus from office to remote work that took effect from one day to the next would mean the end of the office market, that scenario just isn’t playing out....

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Tampa MSA Unemployment Update for May

The Tampa-St. Petersburg-Clearwater area unemployment numbers are out. Here’s a snapshot of what took shape in May: The unemployment rate in our area decreased month-over-month from 13.2% to 13.1%, potentially benefitting slightly from the beginning of the business and government reopenings taking place across the state. In other areas, we saw mixed results: Pensacola unemployment dipped to ...

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Getting Back to The Office: Preparing Bui...

The COVID-19 pandemic hit the United States like a ton of bricks. The hardest hit cities closed down for months with many local governments imposing stay-at-home and shelter-in-place orders. Non-essential office workers were asked to work from home leaving empty buildings across the country. As the country starts reopening and companies begin phased return-to-the-office initiatives, it’s now...

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Tampa Office Sales Comps

Tampa Office Sales Comps & Report | ...

Office property sales in the time of coronavirus will undoubtedly see changes as the office property landscape shifts and adjusts to our new reality. Some changes will come as a result of the approximate two-month closure of the economy while others will be prompted by new behaviors that took shape and took hold during the pandemic. In particular, I foresee that the work from home and social dist...

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finance for commercial real estate

How Medical Office Property Owner/Occupie...

In these challenging times when demands on the healthcare industry are higher than ever, some medical professionals and practices may need access to funds. If you own your commercial property, a sale-leaseback may be just what the doctor ordered. A sale-leaseback is when a property owner, who is also an operator, such as a doctor or dentist, sells their property but continues to operate their busi...

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What Now? An Open Letter to Tampa Office ...

Over the last few years, we’ve been enjoying a boom in the commercial real estate markets, and here in Tampa, the benefits of a strong and rapidly flourishing economy. In the midst of this bustling economy and strong growth for office property owners, we were blindsided by an unprecedented crisis. I’ve been getting inquiries from many office property owners with questions on what is th...

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