What Now? An Open Letter to Tampa Office Property Owners
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 the best strategy under these circumstances.
The truth is, there is no clear answer. Each case is different for a number of reasons, including:
- Your investment horizon
- Your ability and/or willingness to carry the debt if your tenants can’t pay
- The industry your tenants are in
Your options depend on your situation. The important thing to know is that you do have options, including:
- Recreating your tenant mix to bring in companies in industries and sectors that are growing (e.g. healthcare, tech, logistics, cybersecurity, etc.)
- Applying for new assistance programs being offered by the government. See link to resources below.
- Selling your property and exiting
- Selling your property and exchanging into another more resilient asset category (i.e. Multifamily, industrial, manufactured housing, etc.)
- Selling your property and leasing it back (Sale-leaseback). See article link below for more info.
- Taking out an equity line to cover the temporary shortfall
- Holding and buying into a property opportunity created by the market
Regardless of your situation, I’m here to help and answer any questions whether it benefits me or not.
I’ve been in the business for almost 15 years, and while we all know this moment will soon pass, we also have to find the right strategy to get us through it.
The good news is, Tampa is strong. We have an extraordinary mix of resilient industries that are currently growing and hiring despite the situation. Together we’ll make it through and come out better than ever.
In the meantime, please do not hesitate to reach out with questions.