Bruce Erhardt’s 1Q 2017 Tampa Bay Land Market Overview Highlights Continued Growth Driven by Exceptional Demographics
TAMPA, FL, June 8, 2017 — Cushman & Wakefield announced today that it has released its 2017 1Q Tampa Bay Land Market Overview.
The quarterly report, authored by Executive Director Bruce Erhardt, offers insight into the Tampa Bay land market gleaned from his own research and experience and respected sources throughout the industry.
Download a copy of the report here.
According to Erhardt, the exceptional demographics of the Tampa Bay market will continue to promote growth in the local land market through 2023.
“I’m still predicting the overall Tampa Bay land cycle has five to six years left, with solid growth for the next three years,” said Erhardt. “Population and job growth are the drivers.”
A brief overview of Erhardt’s findings in the Tampa Bay market can be found below:
Multifamily Land
The multifamily land market remains very active as it has for nearly six years. For-sale townhomes and condominiums continue to gain momentum in both urban and suburban markets. Suburban multifamily development is picking up steam as the availability of Class A urban infill sites dwindles. Infill assemblages are available.
Single Family Land
Builders and developers continue to drive the market for Class A and B single-family land, as they have for nearly eight years. The market has produced some land acquisitions outside the A/B market. Demand for entry-level sites is strong.
Retail Land
The demand for retail land remains tenant- and location-driven. Interest in outparcel subdivisions and unanchored strips in Class A locations remains strong.
Industrial Land
New and local developers continue to put under contract and close industrial land positions in Tampa, Lakeland, Plant City and Manatee County/Lakewood Ranch.
Office Land
As it has for nearly five years, activity in the office land market has been limited to users and build-to-suits. Medical office construction by providers continues to be active. Several developers are eyeing Pasco County.
Hospitality Land
Hotel development remains active in both urban and suburban locations, as it has for the past three years.
Agricultural Land
The agricultural market remains active, with demand outpacing supply.
For more information, please visit http://www.cushwakelandfl.com/tampa/.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
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