An indication that the commercial real estate market is not only growing, but is stronger, are longer term  leases. This applies to contracts of all types. Home building and suppliers to home builders are taking longer term positions in Tampa to accommodate projected growth in South Hillsborough County. In fact, I did a lease with a dry wall company, a truss plant and a building products distributor in the first 90 days of the year. Building material companies are expanding in this market and even coming from out of the market to capitalize on the planned growth for the Tampa Bay area. Here are some other examples of this projected growth:

  1. A 22,500 sf lease was signed between SunCoast drywall company and Futernick properties 6, llc for the building and adjacent outside storage at 13038 U.S. 41, Gibsonton Fl. The owner purchased the property in December of 2015, thinking the size of the warehouse combined with the outside storage would be great selling points for future tenants.  The lease with SunCoast, represented by Trey Carswell of Avison Young, took place within 60 days of the purchase. The owner is planning a new 20,000 sf. building on the remainder of the site, which will also feature paved outside storage.

 

  1. A Five year lease with Allied Building Products and BRE Management was signed last month. Allied is expanding their footprint in the Bay Area, adding this location to their Oldsmar facility.  They leased a 25,000 sf. building on 3 acres to accommodate the building’s products inside and out.  The owner, Brad Bartholomew, was happy with the lease, that extends through 2020.

Some organizations have decided they need facilities in both Hillsborough and Pinellas counties; those in Hillsborough track up and down the I-75 corridor, while those in Pinellas are serving Pinellas, Pasco and even Hernando counties.

I wonder if the slow GDP growth nationally and the slowdowns internationally will impact the Tampa Bay area and Florida? I hope that the negative tide does not roll into our shores any time soon!