Tampa Bay architects: High interest rates remain big obstacle

By Jim Stinson
| 3:00 p.m. March 1, 2024
| 0 Free Articles Remaining!

A view from a September 2023 topping-off ceremony in St. Pete of Reflection, a $100 million condo project on Third Avenue North, one of the region's many new buildings.

Tampa Bay-Lakeland

High interest rates will slow down real estate development in Tampa Bay, according to an annual survey of regional architects, often the first sector to begin work on development projects.

But this is Florida. There will be growth: The survey also says Tampa Bay will see "modest" real estate development.

It's "modest" because higher interest rates are having a negative impact on the architecture industry, according to a Friday news release from the regional chapter of the American Institute of Architects. AIA Tampa Bay has 700 members in Hillsborough, Pinellas, Polk, Hernando, Citrus, Sumter and Pasco counties.