Commercial Real Estate in Tampa

Overview of Commercial Real Estate in Tampa

With a population topping 370,000 in 2016, Tampa is a growing metropolis with a competitive edge in the southeastern region of the United States. Thanks to a progressive business community and a commitment to new technologies and infrastructure, Tampa is quickly becoming an attractive place to do business.

Supported by industries like healthcare, finance, retail, insurance, shipping, defense contractors, tourism, and real estate, Tampa is among the nation’s fastest growing cities, ranking fourth compared to cities of similar sizes and populations. Thanks to a sparse population density, the city has enjoyed relatively low commercial and office space lease terms - the median rate is currently $36 per square feet/year - compared to similarly sized cities, boosting economic growth throughout the various neighborhoods and surrounding regions.

Economy of Tampa

Similar to other revitalized modern American cities, Tampa is experiencing a revitalization of its downtown core, with more than 20 new residential, hotel, and mixed-use projects under development and are nearing completion.

With a median household income of $45,874, ranking below the national average and just above the state average, Tampa’s increase in population, job availability, and affordable real estate have demonstrated the city’s commitment to sustained and future economic development as more businesses choose to call the city home.

Trends of Tampa

Tampa, compared to many other cities along the expansive Florida coast, enjoys a bustling and vibrant nightlife and cultural scene. Thanks to a high concentration of tourism and young professionals, the city’s neighborhoods of Ybor City, Hyde Park, Spanishtown, and Harbour Island make for excellent cultural and entertainment hubs that encourage further economic growth and development.

Tampa’s relatively low cost of living, high concentration of tourism and outdoor activities, and affordable housing demonstrate a city ripe for economic development and rapid expansion for the willing entrepreneur.

Where to Rent Office Space in Tampa

The city of Tampa has focused much of its efforts on developing additional residential, commercial, and mixed-use buildings within the city’s urban core, making the downtown region both an attractive and affordable option for companies seeking high-profile and high-visibility office spaces for rent. The city hasn't lagged in developing new residential, commercial, and mixed-use real estate in its downtown area, with a $3 billion effort proposed in February of 2018. Tampa’s history of manufacturing, shipping, tourism, and logistics offer a wide variety of commercial and office space rentals along the city’s outskirts, where commericial lease agreements and rates tend to be on par with those of downtown Tampa.

As with many cities its size, Tampa has enjoyed an influx of young, affluent professionals who choose to live in more affordable regions outside the city’s downtown area. This housing trend has driven new constructions in both the residential and commercial sectors, leading to development of new apartment complexes, condominiums, commercial and office real estate, and retail and nightlife establishments.