The following represents excerpts from economic and real estate journals, notes from conventions, seminars and other meetings I attended, along with personal opinions of my own and others that affect the land market in the Tampa Bay Region. Previous Market Overviews can be found at www.cushwakelandfl.com/tampa.
ERHARDT’S QUICK LOOK AT THE LAND MARKET
· Same as the last 19 quarters, rental continues to be very active. For sale townhomes and condominiums are under contract or construction in urban and suburban markets, and are gaining momentum as entry level new construction product. Suburban rental is picking up because urban infill has little or no A sites remaining. Look for infill assemblages.
· As for the last 26 quarters, builders and developers are closing and making offers on A and B locations. Starting to see some land buys outside the A/B market. This can provide entry level product.
· Mainly tenant driven. Outparcel subdivisions and unanchored strips are starting in A locations. Health, wellness, fitness and beauty tenants are close to 50% of local space in new grocery anchored centers.
· New developers continue to contract and close land positions in Tampa, Lakeland and Plant City.
· Same as last 14 quarters, users and B-T-S only, but I still believe we are getting close to a spec building. Medical office building construction by developers and providers is active.
· Same as the last eight quarters, development activity continues. Major franchisors are creating new brands.
· Active, but prices have leveled out for all but citrus, which is declining because of greening. More buyers than sellers. A lot of investor interest from overseas.
· I’m still predicting the overall Tampa Bay land cycle has five to six years left, with solid growth for the next three years.