Is Tampa Bay Area Ready for Dramatic Growth?

Is Tampa Bay Area Ready for Dramatic Growth?

Facts

Port of Tampa impacted by Panama Canal expansion

PostPanamax Vessels – up to 15,000 containers

Maritime routes being redrawn

Distribution facilitiesand additional Free Trade Zones (FTZ 193)

Pinellas, Pasco and Hernando counties

Cruise Ship Terminal improvements

Cascade Development at Channelside by Vinik/Gates consortium

$2B +/- investment – condos, hotels, retail

USF – med school, simulation center

Innovation and Technology Center

TIA – direct flights from Central America (COPA), Germany (Lufthansa)

and Switzerland (Edelweiss)

Panama as hub for Latin America to US

Frankfurt as hub for Europe and Asia to US

Zurich as hub for Europeto US

Zoning changes along Gulf Coast Communities

Hospitality industry and residential developments

Tampa Bay MSA – larger than Miami MSA

Outlet Mall Wesley Chapel – shy of 100 stores, close to 500k sq.ft.

International Plaza renovation/upgrades/new retailers

Corporate headquarters relocations and Amazon distribution centers

Transportation and Infrastructure Projects

Buses, rapid trains, elevated highways, express lanes, road repairs

Florida bridges – over 90% in acceptable condition

Trends

Demographics changing

Work force younger, higher education, tech skills

Urbanites - City dwellers, unmarried, telecommuters, web shoppers

Instant gratification – fast delivery of goods and services

Prime status, drones

Commercial Properties – Popular or Losing Ground?

Industrial – distribution vs. manufacturing

Multifamily – overbuilt? Student housing?

Retail – web impact? Mixed use appealing to lifestyles?

Office – reduced work space per employee

Is Tampa Area the New Miami?

Increasing interest in our area by foreign buyers

Lower prices - land available for growth

Quality of Life – beaches, Disney, cultural venues, pro sports,

universities, shopping, traffic, language

95% of world’s consumers live outside the US

Need to market our area overseas – Europe and Asia

PROS CONS

Low interest ratesunemployment stats

Employment higherstudent and government debt

Higher demand-lower vacanciesglobal turmoil

Disaster resiliency in local governmentsEurozone debt and refugees

EDC office help with corporate leadsFeds raising rates

Government Likely Funding Sources

Sales tax, real estate tax, gas tax

Impact on Real Estate

Population growth and destination for foreign buyers

Challenges

Maintain quality of life, environmental concerns, traffic, home prices

Presented by

CARLOS A. FUENTES, CCIM, CIPS, TRC

Namasté Realty, LLC

23738 Peace Pipe Ct

Lutz, FL 33559

Mobile 813-598-4224

Skype carlostrc1