Florida is more than just a relaxation paradise with incredible beaches and vacation destinations. It’s also one of the fastest-growing economies, which is why the Central Florida commercial real estate scene is thriving.
Tampa, in particular, is optimally located, has a great climate, and offers amazing opportunities for investors looking to venture into the real estate industry. Additionally, this city has been experiencing fast population growth, keeping the Tampa commercial real estate market enticing and active.
Tampa is one of the most underrated travel destinations for local and international travelers. In fact, it has been termed by Forbes as ‘Florida’s Next Big Tourism Destination.’ Here are seven reasons why you should consider joining the Tampa commercial real estate sector.
Impressive Fiscal and Economic Stability
One of the factors that you should consider before venturing into commercial real estate is the state of the economy. Your investment has high chances of thriving and giving you high returns in a robust economy. Florida has one of the fastest-growing economies in the country, and Tampa ranks third when it comes to the fastest-growing cities in the state. This city also has an impressive GDP growth and demonstrates one of the highest population growth.
Tampa’s real estate market is at its prime, and its Commercial Real Estate Markets, in particular, were ranked among the top 10 list of the fastest-growing markets in 2020.
Attractive Business Incentives
Central Florida is highly desirable for businesses and individual investors due to its very favorable tax rates. In fact, Florida is among the seven states that don’t impose personal income tax. It’s ranked #4 by The Tax Foundation when it comes to favorable tax climates in the US.
Florida has also been ranked as the most tax-friendly state in the US by Inc.com. So by investing in commercial real estate in Tampa, your tax burden will be reduced. Additionally, Florida recently imposed the Tax Cuts and Jobs Act that will positively impact commercial and residential real estate investors in Central Florida.
One of The Top Foreign Direct Investment States
When it comes to FDI (Foreign Direct Investments) globally, the United States is the top-ranked. And Florida is #4 among the top 10 states in the US that are receiving FDI and have almost 1 million jobs that Foreign Direct Investments directly support.
Many foreigners have invested in commercial real estate in southern Florida, and it’s expected that more will buy and sell property in the area. This is because wealthy investors around the globe are drawn by the spectacular coastlines but stay because of the economic diversity. So, if you’re looking for a commercial real estate haven in Tampa, this is the time to start your investments.
Increasing Population Growth
One of the top signs of a thriving economy is a high rate of population growth. People are generally drawn to cities where their state of living is likely to improve, is safe, has economic stability, and offers competitive employment opportunities. Tampa’s population is growing at a steady rate of 0.61% every year, and since the last census, the population has grown by more than 20%.
This growing population also stimulates economic growth, which then creates a solid foundation for the commercial real estate sector. It’s like an amazing vicious cycle that gives you a ready market for your commercial real estate investments. The best part is that your potential clients will be diverse, from retirees looking to diversify their investments and young families planning for their retirement.
Great Infrastructure and Connectivity
High population growth, economic growth, and excellent infrastructure and connectivity go hand in hand. Florida has a great network of highways, seaports, and railways which is why it’s ranked #14 based on the US News & World Report when it comes to the top states with the best infrastructure.
2 of the main features that clients look for when buying commercial property are transportation lines and multifaceted connectivity. They want to know how easy it will be for them to travel in and out of the state as well as the internet access. With Tampa’s optimal location and efficient infrastructure, your return on investment will be high.
High Quality of Life in Tampa and Throughout the Region
There are 3 main elements that define Central Florida’s quality of life;
- Education: The quality of education in a state or region highly determines where the government spends money. It’s also a great indicator of how much the state will attract potential residents. The entire state of Florida is the 3rd ranking among the best states in terms of education.
- Lifestyle: due to the fantastic beaches and sunny weather, most residents of Central Florida have adopted an outdoor lifestyle. This region is also a popular tourist destination, which is why the commercial real estate sector is thriving.
- Climate: there’s a reason why Florida is referred to as the sunshine state. The great weather not only attracts potential residents but also encourages the existing residents to build a life there.
One of the Best Places to Conduct Business
As a commercial real estate investor, your main priority is to make profit. Central Florida is generally a good place to conduct business due to factors such as favorable tax climate, economic & fiscal stability, and high quality of life. These factors combined present tremendous value to both local and international commercial real estate investors.
Join the Tampa Florida Commercial Real Estate Scene Today!
Based on the above-aggregated factors, it’s clear that Central Florida, and Tampa in particular, is one of the best places for investors that want to venture into the commercial real estate sector. This region presents immense economic opportunities, and based on current trends; the real estate market will continue thriving. If you don’t own industrial property for sale in Tampa, then it’s time you started reviewing your investment options.
The commercial real estate market is often complex, especially to new investors. The location, government regulations, and price of your ideal property can be confusing, and you may end up making an unprofitable purchase. We’d love to help you diversify your investment by choosing the right property.
Contact the Bounat team today for several prime listings that will help you take advantage of the Tampa commercial real estate market!