Tampa office space growing more expensive
As more businesses are learning the advantages of locating their business in Florida, prices for office space in Tampa have shot up, according to the Tampa Bay Business Journal. There may never be a more opportune time for organizations to pursue a virtual office solution and ditch expensive office leases.
According to the news source, increased interest in commercial real estate in the area is driven by the economic recovery and the many advantages of operating a business in the Tampa area, which is making investors more comfortable in securing future assets. Businesses have also seen recent growth, which requires an expansion of existing office space, further shrinking the supply.
"So what we're seeing is every day, new sources of equity and capital are trying to flood into the Tampa market looking for opportunity, and there hasn't been the number of opportunities available to satisfy that demand," explained Paul Carr, senior managing director with Cassidy Turley's capital markets group in Tampa, to the Tampa Bay Business Journal.
So far this year, Tampa has seen a total sales volume of about $211 million and 1.81 million square feet, the source noted. Carr also warned that there should be a larger jump in the second half of the year, as many properties are in the midst of closing deals.
Organizations that have been looking to implement or expand operations in Tampa shouldn't be discouraged by the news. A subscription to a virtual office service from On Point Executive Center means that your organization no longer has to pay expensive office leases and maintenance fees. On Point also offers Tampa meeting rooms available by the hour or day, proving a beautiful waterfront location to meet current or prospective clients.