Opportunity zones (OZs) are underserved and economically distressed, communities that have been nominated by a state or US territory and certified by the Secretary of the US Treasury. The census tracts, which are designated low-income areas, were chosen by governors based on poverty rates and median family income. Can you explain how opportunity zones are
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It’s nearly impossible to discuss the state of Tampa Bay’s commercial real estate market without addressing the effects of the COVID-19 pandemic, many of which remain unknown. The silver lining is that most U.S. commercial real estate markets entered this crisis in solid shape and that is especially true of the Tampa Bay area. Our
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What are the biggest trends impacting commercial real estate in 2020? How are they affecting the Tampa Bay market? At Cushman & Wakefield’s recent Tampa Bay State of Real Estate event, national and local experts tackled these questions through a series of engaging presentations and panels, offering insight on everything from the national economy to
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Tampa Bay will continue to flourish as we approach the next decade. We are one of the fastest growing major metropolitan areas in the nation, with dynamic companies representing some of today’s hottest industries. Our increasingly diversified economy is generating jobs, and in turn supporting the phenomenal expansion in the commercial real estate sector. Office
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Tampa Bay’s industrial real estate market is enjoying strong leasing and development activity halfway into 2019. Healthy population and employment growth in the Tampa Bay area are fueling demand for quality, well-located industrial space which, in turn, is encouraging investors and developers to build new product. In Hillsborough County, 1.5 million square feet of new
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INDUSTRIAL Economy The Tampa Bay economy accelerated over the past year, adding more than 26,200 jobs for an annual growth rate of 1.9 percent. As of February 2019, the unemployment rate in Pinellas County fell by 20 basis points over the past 12 months, to 3.3 percent. Nearly all industrial-related industries saw employment growth. Transportation,
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INDUSTRIAL Economy As of February 2019, the unemployment rate in Hillsborough County fell by 30 basis points over the past 12 months to 3.3 percent. Nearly all industrial-related industries saw employment growth. Transportation, warehouses and utilities had the bulk of job gains, adding 1,600 jobs and a job growth rate of 5.3 percent. The region’s
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The Tampa Bay area’s office market has hit a sweet spot. From extraordinary year-over-year job growth to record-high rental rates, as well as strong demand from a wide variety of tenants, the signs all point to one thing—the time is finally right for new office development in the market. Asking rental rates for top-of-market office
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As a high school student in Paris, Kentucky, Paul Leone helped out at his family’s 17-room Starlight Motor Court, sharing a room with his two brothers. These days, he’s still in the hotel business—as CEO of The Breakers in Palm Beach, one of the nation’s grandest hotels since it opened in 1926. The Breakers and
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