Crexi equips CRE professionals with the tools they need to research and connect with commercial listings in Tampa, Clearwater and St. Petersburg, Florida. Tenants, buyers, and principals nationwide are exploring Tampa properties for lease and sale as viable investments, and Crexi provides a powerful, tech-powered lens into the market and its opportunities.
Buyers and tenants encompass nearly 92% of Crexi’s online traffic, using the platform to explore hundreds of Tampa, St. Petersburg, and Clearwater commercial real estate properties that match their interests and investment goals.
Nationwide, brokers employ Crexi’s robust lead management and digital marketing tools to connect buyers and tenants to the best Tampa properties for their needs.
Crexi allows all commercial real estate parties to shake hands in a unified digital ecosystem. Across the CRE transaction lifecycle, Tampa brokers, tenants, buyers, investors, and principles enjoy transparency and ease of use unparalleled in the industry.
To date, Crexi has facilitated over $300 billion in property transactions and lists over 400,000 properties representing over $1.2 trillion in value since its 2016 launch. Crexi proudly serves Tampa, Florida, as the fastest growing online commercial real estate platform.
How Crexi Connects Buyers and Tenants to Tampa CRE Properties
Buyers and tenants can explore thousands of Tampa, FL properties on Crexi’s open source marketplace. As part of the larger Tampa MSA, too, the Clearwater and St. Petersburg commercial real estate markets have established themselves as fast-growing opportunity pools. This growth, coupled with plentiful tax breaks and open land, has attracted interest from buyers and tenants nationwide to the region.
Tampa is also attracting residential buyers and tenants seeking to leave New England’s close quarters and cold weather to find a new home in Florida. This population migration, in turn, is spurring the development of industrial properties, Class A and B multifamily buildings, and retail premises to serve as amenities for new Tampa residents. Too, as the spread of COVID-19 continues, people who can work from home/anywhere are choosing to move to the Sunshine State.
Principals and tenants can browse Tampa properties for sale and lease on Crexi’s marketplace at zero cost. The advanced search function allows Crexi users to explore investment opportunities by price/rate per square footage, total square footage, asset class, property type, and neighborhood.
Once they find their perfect listing, buyers and tenants can easily reach out to Tampa brokers, download property brochures, and even submit a letter of intent (LOI) through Crexi’s secure marketplace.
Intelligence Offers Investors Data Insights & Market Knowledge
Crexi also created its Intelligence offering to equip CRE professionals with an entire database of third-party verified sales comparables and MSA market reports, including the Tampa MSA. With Crexi Intelligence, tenants and buyers can feel confident that they’re buying or selling properties at the best possible market price.
Buyers, sellers, and tenants can access Intelligence on a subscription basis.
How Tampa Brokers Win with Crexi
Tampa’s commercial real estate market encompasses 900+ properties for sale and nearly 1,500 properties for lease across Tampa, Clearwater, St. Petersburg, and the surrounding suburbs. Industrial and medical office asset classes are trending upwards, as are multifamily units as populations migrate to Tampa en masse.
Brokers in Tampa and nationwide can list properties and manage the CRE lifecycle using Crexi’s robust broker tools. Tampa brokers can freely list and manage property transactions across multiple asset classes, including:
- Office units
- Industrial facilities
- Land Parcels
- Multifamily units
- Development sites
- Non-traditional and mixed-use properties such as medical offices, data centers, etc.
Crexi’s marketplace is entirely free to use, allowing brokers to quickly and securely manage every aspect of the traditional CRE online. Brokers can contact leads, get real-time insights into buyer activity, manage their deal pipeline, and even conduct due diligence in Crexis secure file vault.
However, the real power of Crexi’s broker tools is unveiled with Sale PRO, Lease PRO, and All PRO.
Crexi All PRO
“I’ve only been a [PRO] subscriber for six months, and it’s amazing to see the leads and traction we’re getting from Crexi. Compared to their competitors, the amount of interest we get from Crexi is fascinating, as are the people who are on it. [The amount of] eyeballs we’re getting on our listings is amazing.”
Ryan Sampson at Eshenbaugh Land Company – Tampa, FL
With Crexi Sale PRO and Lease PRO, brokers enjoy access to more detailed contact information, email marketing analytics, and customized lead reports. PRO listings also get preferred placement atop Crexi search pages and are blasted in Crexi’s weekly email blasts as an added marketing value. These emails are viewed by thousands of relevant buyers weekly and receive an average click-through rate of 10-15%.
PRO subscribers can take advantage of the 40 million property records, 13 million sales comparables, and over 50 detailed MSA market reports in Crexi Intelligence.
Florida brokers — including those in the Tampa MSA — champion CREXi’s PRO features, with 44% of all properties listed using PRO. Tampa brokers use Sale PRO and Lease PRO to connect to over 1.3 million Florida leads and 9.3 million leads nationwide to date, obtaining four times more prospects who look to the Tampa area as a viable investment and leasing opportunity.
Tampa PRO users also close six to eight more deals on average than non-PRO users.
The State of CRE in Tampa
Note: the current COVID-19 crisis has impacted this data. The coronavirus’s impact has yet to be determined, but CRE professionals should keep these developments in mind when evaluating the following information.
The Tampa-St Petersburg-Clearwater MSA includes four counties: Hillsborough, Pinellas, Hernando, and Pasco. The region is situated around Tampa Bay, Old Tampa Bay, and the Hillsborough River with the Gulf of Mexico on its west coast.
Tampa serves as Hillsborough’s county seat for Hillsborough, while St. Petersburg and Clearwater sit as the largest cities in Pinellas and Clearwater County, respectively.
Tampa is well known for its Cuban heritage, art and culture, and world-renowned beaches. The area also houses approximately 25% of the state’s business and information service firms.
Tampa Regional Breakdown
Tampa sits as the US’ 18th-largest MSA and the second largest in Florida. Tampa is home to nearly 500 international companies, and its specialized industries include finance and professional services, shipping & logistics, national defense, and real estate.
Tampa’s population has grown at approximately 11.06% in the last decade, ranking 10th in total US migration, per census data. In 2017, the Tampa MSA ranked 8th out of the top 25 MSAs for total net migration — to date, Pinellas county remains the most densely populated in the state. Tampa’s plentiful open land especially attracts former New England populations in the wake of COVID-19, who would prefer to buy homes for sale where the weather is warm, space is plentiful, and costs of living are lower.
In fact, Tampa Bay is quickly rising as a preferred target market for corporate expansion and relocation, particularly in the wake of the coronavirus pandemic thanks to its sprawling suburban region. Many large financial and shared service institutions are attracted to the area for its educated workforce, lower cost of living, favorable business climate, and quality of life.
The region is concentrating on growing its population and income by offering incentives to the marine and life sciences, specialized manufacturing, financial services, data analytics, and creative arts and design industries.
Tampa Industrial Market
Tampa industrial properties lead the current market. Most new construction is developing fulfillment centers on the East Side, thanks to its proximity to the I-4 corridor. Existing properties in the Gateway/Mid-Pinellas and Airport/Westshore areas also comprise a bulk of the Tampa industrial market.
Per a report by Avison Young, distribution rent rates increased year over year by 4.2% at the end Q12020 and are expected to grow at a somewhat reduced scale, pending COVID-19’s impact on demand surges or declines. The asset class saw a record 4.97% vacancy at the end of Q12020, which points to a need for new development in the coming years: as of A1, 3.1 million square feet of Tampa industrial properties were under construction. Specifically, Lakeland saw industrial inventory grow by 16% since 2017.
Tampa Office Market
Tenants searching for a Tampa office for lease are mostly looking in Downtown Tampa and the West Shore office market – by the far the asset class leader. Per Avison Young, Tampa’s office rent rate has grown 4.7% in the last 12 months ending in Q12020, while Class A office rent is up 6%.
At the end of Q12020, vacancy rates were at 10.88%. While the office market is affected by coronavirus, office spaces in suburban neighborhoods will likely attract more demand.
Too, Tampa medical offices for lease have shot up in popularity: medical offices are moving into land parcels, including abandoned retail centers. This surge in medical offices is due to Governor Ron DeSantis lifting restrictions on hospital zoning restrictions. Therefore, the demand for medical use spaces supports otherwise paused activity in the sector due to coronavirus.
Tampa Retail Market
Tampa Bay’s retail landscape is adjusting to a surge in new mixed-use walkable developments. Particularly, suburban developments are striving to meet local demand by providing high-class amenities, shopping, and dining as populations exit the city center towards outlying cities.
Currently, Wesley Chapel and Land O’ Lakes are among the most desirable neighborhoods in the Tampa MSA, and plentiful Class A development is accompanying the population move. Too, the new seven-lane highway on Route 56 connects drivers to generous acreage ready for development. While retail spaces are temporarily shuttered in the wake of COVID-19, new Tampa residents will likely return to retail activities as social-distancing restrictions are lifted.
Tampa Multifamily Market
Individuals in late millennial demographics — roughly 20 to 34-year-olds — are driving demand three times the national average for Tampa multifamily for lease properties. South Tampa and Downtown Tampa are experiencing the majority of development interest because the city still aims to transform into a cohesive live, work, play urban core.
However, coronavirus’s impact is driving increased development planning in suburban neighborhoods as people seek open air and better weather – especially while living safer-at-home restrictions.
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