I am 21, again!

Nancy Phaneuf Realty, now Nancy Phaneuf Commercial Realty & Development, celebrates its 21st year this year. February 1, 2016 is the anniversary of my first day in business, offering commercial property for sale in the greater Tampa Bay area. It’s been quite a ride, starting in 1996, when commercial land for sale and commercial property for lease were in demand. Over the years, the market has gone straight up and then in 2008, straight down. I felt like I was riding a roller coaster for many years, and hung on in this business, mostly because I couldn’t picture myself doing anything else.

As the northeast and middle states dig out from “The Blizzard of 2016” I know that commercial real estate in Tampa is going to be in demand. Every time the country has a bad winter, all of the baby boomers say to themselves,” I am not shoveling snow one more season”, our region prospers. I love a bad winter! I see the demand for Commercial real estate in Tampa holding steady or increasing for at least the next 10 years.

Last year was a good year, mostly for commercial real estate for sale. I sold 4 properties, all to end users. I find this significant since in the years past, most business owners would not part with any cash, cash that would be required for a down payment on a property. This year I saw more buyers that were flush with cash, preapproved by their banks and ready to purchase. This year, too, demand outstripped supply. For 2016/201, I foresee an increase in build- to- suit to own activity than in the last three years combined.

The greater Tampa bay area remains the gold standard for commercial real estate listings, although I am considering listings in surrounding counties. Getting slightly ahead of the curve seems like a good idea; the residential demand is already surging in surrounding counties like Pasco and Polk, commercial is soon to follow.

The other side of the coin is commercial property for lease. The demand for lease space, especially in the industrial sector, has finally increased to such a degree that new construction is a true possibility. Rents have returned to pre-2008 levels and while construction costs have increased somewhat, the developers see a window worth capitalizing on.

Thank you for the opportunity to be of service in our delightful Tampa Bay community. It’s been a great ride.