Promising signs of Tampa Bay economy regaining momentum
The Sunshine State, like other Sunbelt states, continues to lure interest from investors because of its strong fundamentals and relative resilience. Migration trends, which existed before the pandemic but have been accelerated by it, are reflected in the strong signs from the residential sector, especially in Tampa Bay’s suburban and outlying areas where developers continue to build and expand massive, planned communities. Meanwhile, new Class A speculative office inventory in Tampa continues to be added, including the first phase of the massive Water Street Tampa project and Heights Union buildings in Downtown Tampa. Midtown West and SkyCenter One in Westshore will also welcome their first tenants this year. While a complete “return to office” may not be broadly realized until later this year, there is an expectation that office tenancy will come back.