3 Things You Should Know About Tampa Commercial Real Estate
When you’re trying to grow your portfolio, real estate properties are always one of the best places to build wealth. Location is everything.
Florida real estate experienced a 19% year-over-year increase recently. Commercial real estate in Tampa is thriving, which presents plenty of opportunity value that you can take advantage of. So what trends and bits of information should you know? We’re happy to explain.
Here’s what you should know about Tampa commercial real estate in 2022.
1. Tourism Is Booming
Look no further than tourism to understand why real estate is thriving in Tampa. It’s one of the largest driving factors of the area’s economy and brings in roughly 15 million visitors per year. This has a trickle-down effect that helps businesses in several industries thrive, including:
- Hotels and hospitality businesses
- Offices and co-working spaces
- Food and beverages companies
- Retail and specialty shops
- Land-based real estate and special purpose businesses
Real estate investors in these fields can expect healthy revenue thanks to the diverse influx of people traveling to the area.
2. Vacancies Are Trending Downward
Study the renter’s market when you’re considering a real estate investing opportunity. Building vacancies in Tampa are at about 13% to 14% and are consistently trending downward.
The commercial office building market in Tampa is on the rise because of the job market. Tampa has thriving industries, such as:
- Marine electronics and defense
- Marine science
- Food and beverage
- Culture and arts
Understanding the demand for office buildings will help you study the market and make a reasonable offer.
3. It’s an Excellent Real Estate Investment Location
Buying commercial real estate in Tampa is essential because of the location. You’ll be able to reach out to a real estate investment company that can navigate the property acquisition and help you through every bit of research and the administration of the contracts.
You’ll be in a better position to find a place to rent that is managed by detailed and knowledgeable property managers. Study the different neighborhoods and districts in Tampa so that you land property in the ideal area.
Here are some of the neighborhoods that you might consider:
- Ybor City
- South Tampa
- Robles Park
- Palmetto Beach
- Seminole Heights
- Macfarlane Park
Get to know details like the tax rates and property values in the area as you look around.
Invest in Tampa Commercial Real Estate
Tampa commercial real estate is thriving right now. The tips above will help you move in the right direction when making a real estate decision that helps your life. Now that you have a better idea about what you can expect from real estate in this city, your next step is to get in touch with property management and investment pros that can help you out.
HSW Associates, Inc. has been in business for years and brings more than 30 years of experience to the Tampa and St. Pete areas. We’d be happy to help you out with any of your real estate needs.
Use our contact form to reach out, or give us a call at (813)962-6959.< Back to Blog