Construction in Tampa Rises; Strongest Employment Growth Since Recession Keeping Vacancy Low
The Tampa Bay region experienced the greatest regional employment growth in recent history, corresponding with the fastest rent growth since before the recession. A total of 44,000 jobs were created in the 12-month period ending in the second quarter, and monthly rents are forecast to jump 7.6 percent during 2016. Meanwhile, declining vacancy indicate that these rent increases are sustainable. Development of the Tampa Bay Port has spurred long-term job growth downtown. The government’s investment in public transit will attract a growing pool of renters to submarkets surrounding the CBD. In St. Petersburg, monthly rents climbed 8 percent during 2015 and are projected to reach similar heights this year, although new multifamily development may absorb some renters. A number of Tampa submarkets have experienced significant growth, including the Town and Country submarket, where Tampa International Airport is located. As job growth continues to boom[…]
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