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 http://www.cushwakelandfl.com/tampa.
ERHARDT’S QUICK LOOK AT THE LAND MARKET
• Same as the last 22 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. Suburban rental is picking up because urban infill has little or no A sites remaining. Look for infill assemblages.
• As for the last 29 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. Entry level is strong.
• Mainly tenant and location driven. Outparcel subdivisions and unanchored strips in A locations is active.
• New and local developers continue to contract and close land positions in Tampa, Lakeland, Plant City and Manatee/Lakewood Ranch.
• Same as last 17 quarters, users and B-T-S only. Medical office building construction by developers and providers continues to be active.
• Same as the last 11 quarters, development activity continues ini urban and suburban locations.
• Active. More buyers than sellers.
• I’m still predicting the overall Tampa Bay land cycle has five to six years left, with solid growth for the next three years. Population and job growth will keep the show on the road.
BRUCE ERHARDT, ALC
Office: +1 813 204 5312
Cell: +1 813 230 9005