New Downtown

CBRE's Anne-Marie Ayers has been leasing Fifth Third Center in downtown Tampa for more than 14 years. Ayers quickly ramped up the occupancy rate from 72% to an average of 93% to 99% occupancy through three owners.

Despite her success, Ayers is surprised by what's happening in Tampa's downtown real estate market. For the first time, downtown is starting to outperform the Tampa-area market in both rent growth and occupancy levels. Over the next five years, CBRE econometric advisers expect compounded growth rates to be 33.3%. “Where are you going to get those returns anywhere else?” she says. “That's why the money is following us, and following these deals.”

At the end of July, Fifth Third Center was the first building to sell downtown “in many many years,” Ayers says. The new owner, Atlanta-based Fairlead Commercial Real Estate, bought the 19-floor, 281,072-square-foot office tower for $47 million. The real estate investment company is buying up properties in promising secondary markets showing good macroeconomics. Tampa's downtown fits the mold perfectly, according to Fairlead President Jeff Shaw.