NAIOP BROKER UPDATE: Keeping the Pulse of Tampa Commercial Real Estate
On Wednesday, September 25th at the Wyndham Tampa Westshore, Tampa Commercial Realtor John Milsaps from the Century 21 Elite Locations group attended the annual NAIOP Broker Update event. Touted as the “THE” Update for Commercial Real Estate Professionals, the event features local market experts, behind-the-scenes discussions and analysis of emerging trends in the Commercial Real Estate industry.
Moderated by host Steve Tombrink, the panel also included speakers from respective areas of tampa commercial real estate including:
♦ Mercedes Angell, Cushman & Wakefield
♦ Dave Conn, CBRE – Retail
♦ Mike Davis, Cushman & Wakefield – Industrial
♦ Lyle Fogarty, Redstone Investments – Development
♦ Richard Matricaria, Marcus & Millichap – Investment
♦ Ryan Sampson, Eshenbaugh Land Company – Land
Tampa Commercial Real Estate Panel
Each panel member offered great insight into the Tampa commercial marketplace and the pulse of what is relevant. Here are the highlights from the panel discussion:
Ryan Sampson – Land, Eshenbaugh Land Company
♦ Land still lead by apartments.
♦ 3,000 apartment units going up between downtown and Hyde park
♦ We are back to 2005 pricing on key locations of vacant land
♦ It’s still Location, location, location
Mike Davis – Industrial, Cushman & Wakefield
♦ Retailers are shrinking footprints of stores and putting up more distribution centers
♦ Example =Amazon Walmart and target likely to follow
♦ They want customization of products and same day or next day delivery
♦ Industrial might be the new apartments – new asset wanted
♦ Blackstone Group is long on industrial, usually everyone else follows
David Conn – Retail, CBRE
♦ Tampa retail is at 7.5% – 8% vacancy
♦ Miami is approximately 4%, and rents in n. Miami beach are as high as $110/sf
♦ Not many big box stores looking
♦ Publix has plans for only 8 new stores nationwide, next year
Mercedes Angel – Office, Cushman & Wakefield
♦ Tampa has recovered 67% of total jobs from peak
♦ Have recovered 112% office jobs.
♦ Office space still isn’t as needed as before due to working from home workers and more efficient layouts
Richard Matricaria – Investments, Marcus and Millichap
♦ Apartments and self-storage still hottest assets
About NAOIP Tampa Bay
NAIOP Tampa Bay serves members on the central West Coast of Florida in an eight county area ranging from Clearwater to Lakeland and Tampa to Sarasota.
The Chapter currently has over 200 members and is active in community service events, public affairs, and real estate related activities.
The TAMPA BAY WATCH meeting is one of the highlights of the organization. This forum allows business leaders, elected officials, and regulators to meet and discuss ideas, exchange views, and work together to find solutions to the development issues that impact the industry.
Members enjoy a full range of services including monthly meetings, special programs, annual social events, and golf outings. A full-time staff is available to assist the members with any special needs.
About Century 21 Elite Locations
Century21 Elite Locations, Inc. is a full-service commercial properties firm, with expertise in the acquisition, sale and leasing of investment property and commercial real estate throughout the Tampa Bay area and the U.S. From sales, leasing and management to recognizing distinct opportunities, we are your trusted partners in helping you achieve results. Our seasoned medical real estate team has managed, leased or sold more than 500,000 square feet of healthcare real estate.
Our Tampa Medical real estate experts can do the same for you. Call us today at (813) 960-0999.