On October 28, 2011 the St. Petersburg Times wrote about a recent study of emerging trends in real estate which was just published I the Urban Land Institute and Price Waterhouse Coopers.
The report shows that there has been a definite improvement in the commercial real estate sector in Florida and in Tampa Bay. The report is not saying that commercial real estate is again at the top of the market but it is clear that commercial real estate is no longer below ground level. The improvement has been assisted by price corrections as commercial real estate moved to adjust to the current market.
One of the better performers was Miami which ranked 17th and compared to other markets. Political instability has been driving foreign cash into investment opportunities in Miami. Overall the rankings for Florida as compared nationally with major metro areas were.
- Miami 17th
- Orlando 29th
- Tampa Bay 33rd
- Jacksonville 40th.
At the bottom were Detroit, Cleveland and Las Vegas.
The report states that apartments are benefiting the most across the country and that it will still be slow going for investors in industrial properties, hotels, shopping centers and office buildings, at least until 2012. However, not all local brokers agree with the report. One leading national brokerage company that closely monitors local markets says that the report does not show all the games made during 2011. His analysis shows that vacancy rates have decreased in industrial and office buildings. An example given was the decision by Time Warner to create 500 new jobs in the Hillsborough County over the next five years.
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