Every growing city is claiming to be the “next big deal” so pay attention and watch which ones come out on top. Watch where corporate America is focusing and you’ll notice who is growing and not just marketing themselves. Read about the primary markets in the Fed's recent Beige Book report and you’ll hear different stories of economic drivers and their current impacts on growth for each region. Some major metros are already feeling shifts.
Locally, supply of commercial space is barely meeting demand. It’s getting tighter and tighter, as well as harder and harder to find good deals. The activity levels are continuing their momentum and peak levels are being reached.
Are you ready for what comes next?
The hot topics in commercial real estate are industrial properties, coworking office space, supply chain and yes even still...multi-family apartments! Tampa is seeing activity in all of these areas.
The drawbacks? Well the labor shortage for one. Attracting and retaining good talent is tough for cities and for organizations. What could hold back our regional growth? If we don’t prepare our talent pool, or if we don’t prepare FOR a talent pool. How do you see this problem being solved?
The trade tariffs are also a major negative headline, but have you actually seen them slow any of the market demand yet? Yes, major port cities are feeling some effects and Tampa's Port has seen it happen, but it hasn't slowed demand yet.
When does it all come to a head?
Right now business owners are at risk of overpaying for property and then potentially losing equity (even with low interest rates). Prices should level off and get reasonable with the next recession (at still low interest rates compared to historic highs) and there will be opportunities for equity growth as well. Tampa Bay, as a region, is well prepared to continue it's growth for years afterwards.
I can tell you a lot of people are going to start extending their credit lines and sitting on cash so they can have buying power for the next recession. Find ways to help them do that and you’ll be a great asset to them.
With the expected rise in consumer prices coming and economic growth accelerating at a time with 4% unemployment, something is coming.
Call Fortress CRE, so we can talk expert advice on where your real estate strategy should be focused in West Central Florida. Fortress Commercial Real Estate (CRE) adds value to business owners looking to grow through their real estate, office and building needs.
Visit www.Fortress-CRE.com and call or email me for more sound advice.