Pinellas County Commercial Real Estate Trends
To get a better idea of Pinellas County commercial real estate trends, read on. In this article, you’ll learn about the growth of Rents, Vacancy rates, Taxes, and Housing affordability. In addition, you’ll learn about other local trends and how they may impact your business. Read on to discover more about the Pinellas County commercial real estate market. If you’re thinking of buying or selling a commercial property, it’s time to start planning.
As more companies look to expand operations and rent their properties, Pinellas County has a number of options. For instance, the county has many vacant retail properties that need to be leased. The Pinellas County Housing Finance Authority shares that view, resisting efforts to create large, all-low-income communities in the past. The goal of this effort is to create diverse living options. The county is putting forth new ordinances to encourage businesses to build new, more affordable and more diverse properties.
Rent growth in Pinellas County is largely driven by retail space. The Gateway area is a prime example. This area has the highest absorption rate, followed by Clearwater’s central business district and downtown St. Petersburg. Overall, Pinellas County’s retail rental rates have increased significantly over the past four years. However, the area south of Tampa and Hillsborough has experienced slower growth. Investors are flocking to those cities for these reasons.
The vacancy rate in Pinellas County commercial real estate is down from 12.9% in mid-2014 to a low of 8.7%. While the Tampa-St. Petersburg submarket has higher vacancy rates, Pinellas County remains one of the best places to buy office space in the region. The county’s population is growing rapidly, with over 450,000 people now employed in the county. This number has steadily increased since 2001. According to the CoStar Group, the vacancy rate is now only a few percentage points higher than it was five years ago.
One factor that contributes to the low vacancy rate is a shortage of developable land. There is little room for new multifamily developments, and the area lacks adequate amounts of land for this. The Pinellas County area has seen an increase in condominium conversion projects in recent years. In addition, townhome developments in the county have experienced an impressive absorption rate: ten percent per month. This growth is primarily due to investors moving into Clearwater.
When it comes to buying property in Florida, taxes are often a big factor. Florida’s real estate taxes are calculated according to the millage rate, which is one dollar per thousand dollars of assessed value. However, there is a way to get a handle on your tax bills. Pinellas County’s tax estimate website lets you plug in the address of a property to calculate your tax bill. This information will help you determine if your property is worth paying taxes or not.
The county assessor, or appraiser, is a great resource for property taxes and value. Their team is highly trained to help you get a handle on the tax situation and property values. In many cases, the information they provide can save you a significant amount of money in the long run. However, you should keep in mind that Pinellas County property values increase over time, and the tax benefits will not be as great as you might hope.
While increasing prices are a big problem in the Pinellas County commercial real estate market, the housing supply is also an issue. The County Commission recently approved funding for two affordable housing projects. One project is a new rental community in South St. Petersburg, and another will help rehab six units in Lealman for persons with special needs. In an effort to improve housing affordability, the county is promoting affordable housing solutions and partnering with local developers.
The housing affordability crisis is a multi-faceted problem involving wage levels, land prices, and zoning rules. This crisis has thrown supply and demand dynamics out of whack, as well as affecting migration patterns. In spite of this, Florida continues to top lists of “best places to live” and other rankings. While there are some snags, the overall problem isn’t as bad as it may seem.
The recent data on investor activity in Pinellas County commercial real estate indicate that there are many opportunities for developers, especially those looking for land with a high demand for residential and commercial uses. However, the County faces several challenges that prevent this development from happening quickly. One of the biggest problems is a lack of developable land. However, the county is experiencing a rise in new home construction. In the past three years, new home sales in Pinellas County have more than tripled. New condo and townhome projects are driving the growth, and this is the case for the area.
New apartment construction in Pinellas County has been limited in recent years, primarily due to the low interest rates. This has encouraged home ownership, but the lack of available land has limited the number of apartment units. New multi-family projects in Clearwater Beach have been attracting investors and have an impressive absorption rate. Downtown Clearwater is also beginning to see a housing market, despite the fact that the city does not have a large population.
HSW Is Here To Help
Every brick and mortar business needs a place to call home and we here at HSW Associates can help guide you in the right direction. We have been in the real estate industry for more than 40 years and have the experience it takes to find your next business location. We strive to meet every customer’s needs. For instance, we have available properties to rent for everyone. We have plenty of retail and commercial options available have your pick with our properties! Contact us today!< Back to Blog