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TAMPA — A recent land market analysis released by Bruce Erhardt, executive director of land brokerage for Cushman & Wakefield in Tampa, yields a positive outlook for the real estate market in Tampa Bay, with Erhardt saying the market is “extremely optimistic” in 2012.
Multifamily and single-family lots in class A locations are becoming scarce, indicating possible groundbreakings in these areas this year. Industrial and commercial sectors will follow, Erhardt says in the report, noting the construction of the Epicurean Hotel in Tampa and the purchase of 96.28 acres in St. Petersburg by Largo-based beer distributor Great Bay Distributors Inc.
The slow start of global and local economic activity is expected to reverse in the second half of this year, which Erhardt reports is opposite of last year's trend. Personal income in the region is expected to increase by 4.5% annually through 2013, which is more than 1% higher than average per capita income growth.
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