'More of the Same'

Commercial real estate practitioners throughout the Gulf Coast and in various sectors expect the region's robust market to continue in the year ahead, the result of continued steady demand, a relative lack of overbuilding and a stream of new jobs and residents.

The Tampa area, in particular, is poised to gain new businesses and residents amid a wave of groundswell interest in the city. At the same time, new development has been lacking, pushing vacancy rates for office and retail spaces down to historic levels in both Tampa and St. Petersburg.

“Tampa's office market is the tightest it's been since the early 1980s, with a 7.5% vacancy,” says Brian Alford, market economist for CoStar Group.