New money

Like other New York Stock Exchange-listed companies, City Office REIT could select any of a number of U.S. markets to invest its capital.But rather than go into so-called “gateway” markets like New York, Chicago, Los Angeles or even Miami, the real estate investment trust has intentionally chosen Tampa and St. Petersburg as one of just a handful of places nationwide to target.

“We're huge believers in Florida and, within the state, in particular, Tampa and Orlando,” says Jamie Farrar, City Office's CEO.

Drawn by steady job and population growth since last decade's economic recession ended in 2011, companies like City Office REIT are bypassing traditional investment markets and flocking to the region to take advantage of higher yields and upside potential on area commercial real estate.