Tampa Bay Region Overview
The City of Tampa has invested in creating an Opportunity Zone Prospectus and Market Report to highlight and promote the City’s Opportunity Zones in five defined sub-districts within the Tampa area. Included in the Market Report section is an overall snapshot of the City, as well as a quick introduction to the five sub-districts; an economic outlook for the United States and Florida as of year-to-date 2021; and an overview of the business and employment trends within the City and its five unique sub-districts.
This section also provides a data-driven review of the historic and current market trends occurring within the City and its sub-districts’ rental unit, retail, industrial, and office industry sectors; as well as provides concentrated mapping to depict where clusters of specific property uses within each unique area.
The Tampa Bay Region is located on the west coast of Florida, along the Gulf of Mexico. The region includes parts of Hillsborough County and Pinellas County, as well as the major cities of Tampa, St. Petersburg, Clearwater, and several smaller communities. The region is a densely populated metropolitan area; with 3.1 million people, it is the second-largest after Miami and the third-fastest growing in Florida.
The population is expected to grow in the coming years as well, with recent projections indicating the Hillsborough County population could grow up to 30% by 2040. With low unemployment rates, a stable per capita median income, world-class airport, and prominent business, education, technology, and health corridors, the region is an attractive metropolitan area for all generations.
Over the past couple of years, Tampa has welcomed countless new and expanding businesses to our community, offering assistance programs such as financial support, small, women and minority-owned business incentives, and partnerships with economic development organizations to attract a robust group of industries
As of year-to-date 2021, January through August 2021, there are a total of 7,191 rental units in 52 buildings that met the minimum size criteria (market rate and mixed-income properties having at least 10 units) within the combined Tampa sub-districts, accounting for 7.3% of the total rental units in the City using these same parameters. There are 115 properties within these areas containing less than 10 units, accounting for 29% of the total units, which were not included in this analysis to avoid misrepresentation of real rental unit properties. Within the sub-districts, the Urban Core comprises the majority of rental units, closely followed by the University Area. Year-over-year, total inventory of rental units significantly increased in West Tampa with the addition of the Boulevards at West River with 371 units, and in the Urban Core sub-district with the addition of the Heron with 420 units
As of year-to-date 2021, January through August 2021, the East Tampa, Drew Park/Airport, and West Tampa sub-districts had retail occupancy levels which were slightly higher than that of the County and the City. Additionally, the Drew Park/Airport sub-district, with nearly 3.1M square feet, has significantly more retail space than all other sub-districts, closely followed by Urban Core and University Area with 1.8M and 1.7M square feet, respectively.
As of year-to-date 2021, January through August 2021, the East Tampa, West Tampa, Drew Park/Airport, and University Area sub-districts had industrial occupancy levels which were slightly higher than that of the County and the City. The West Tampa sub-district had the greatest occupancy at 100%. Additionally, the Drew Park/Airport sub-district, with nearly 2.7M square feet, has significantly more industrial space than all other sub-districts, closely followed by East Tampa with 2.0M square feet.
As of year-to-date 2021, January through August 2021, the East Tampa and University Area sub-districts had office occupancy levels at 100%, which were slightly higher than that of the County and the City. Additionally, the Urban Core sub-district, with over 10M square feet, has significantly more office space than all other sub-districts, followed by Drew Park/Airport sub-district with 1.8M square feet of office space.
The following concentration maps depict the general clusters of specific property uses within each of the City’s five unique sub-districts: