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