Office market fundamentals improve as the country emerges from the pandemic

Welcome signs of Tampa Bay’s post-pandemic recovery are being seen in the booming travel and tourism sector, and the construction sector, although several commercial real estate indicators continue to lag pre-pandemic levels. Still, Tampa Bay continues to boast strong population growth, even further escalated during the pandemic. Tampa Bay will also continue to lower its business costs as the Florida legislature has approved and the Governor signed into law a further reduction in the sales tax on commercial leases. Office investment activity increased over the quarter and included the sale of two Class A properties, the MetLife-leased, 115,000-square-foot (sf) Highwoods Preserve VII building in Northeast Hillsborough, and Two Harbour Place, a 176,000-sf multi-tenant building in Downtown Tampa. Two Harbour Place was purchased by Farley White Interests — one-third of whose portfolio valued at approximately $610 Million, is now comprised of Tampa properties.

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