New construction has come to a virtual halt in the Tampa Bay area; over 16 major projects, most of them for hotel and residential space, have been canceled. This trend is also applicable to commercial office space. It is vacancies are up (18.6%) and rental rates are down ($22.73 per square foot). The situation is favorable to business owners looking to change or upgrade locations. Anything from executive suites to mid size office buildings to large scale retail spaces are available. Because of the excess supply, terms to any lease agreement should be negotiated to favor the tenant. In other words, before any move in, business owners need to be stringent and demanding in their property search! Tampa Bay, Florida is actually a multi-county region that is home to 2.7 million people, an increase of 14.8% over 2000. When taken as a whole, unemployment is at 11.7%, and the crime rate is 101 per 1,000 residents. Finding the right Space is never easy, but you can just call us and we’ll help you with the process.
The area has a wide variety of industries supporting its economic base. The defense industry utilizes firms in the area for sea and air electronics, and Tampa Bay is the base of the United States Central Command which directs activity in the Middle East. Medical research is well represented (there are nearly two dozen hospitals and four trauma centers also). The insurance and banking industries also maintain a strong presence in the Tampa Bay region. The region’s three seaports make Tampa Bay a major player in the shipping and cruise line business, and in the state of Florida, the Port of Tampa is second only to Miami. Tourism in general is strong.
Tampa’s government has been working to revitalize the downtown area, encouraging the development of residential properties. Another city project is the Riverwalk along the Hillsborough River, with several museums included in the proposal. A light rail system is also being considered. Nightlife abounds throughout the region. In fact, Tampa, Florida ranks in the top ten nationwide for “partying”. Popular club areas are downtown Tampa, Ybor City (a neighborhood that began as a community of cigar manufacturers), and Channelside. On a side note, the Tampa Bay Performing Arts Center, the largest such venue in the south, is home to several theaters and halls.
There are many interesting public landmarks in the area. Bayshore Boulevard, which runs south from downtown Tampa, has the longest continuous sidewalk in the world (six miles along the east end). The Sunshine Skyway Bridge spans south Tampa Bay. At five and a half miles, the bridge is a popular site for the filming of commercials. The golf course purchased by Babe Zaharias in 1949 was made a public course in 1974. There is also a variety of museums, including the Museum of Science and Industry, which features a planetarium. Berthed in Tampa, Florida is the World War II victory ship, S.S. American Victory which now serves as a museum. The Salvador Dali Museum is located in St. Petersburg, and the Tampa Bay History Center is in the Channel District.
Just next to Busch Gardens Tampa Bay is Adventure Island, a 30 acre water park. In the Channel District, near the S.S. American Victory, is the Florida Aquarium, home to a large variety of water plants and fish. The Tampa Bay region is represented by major professional sports teams in the MLB and the NFL. The Tampa Bay Devil Rays are the local baseball team, while the Tampa Bay Buccaneers are the area’s entry in football.