Tampa ranks No. 4 as a hot spot for new commercial development

Land in the Tampa Bay area is still at 'reasonable prices.'
Tampa Bay is considered a shot spot for new development, like these apartments going up near downtown St. Petersburg, because of relatively affordable land prices. [SCOTT KEELER | Times]
Tampa Bay is considered a shot spot for new development, like these apartments going up near downtown St. Petersburg, because of relatively affordable land prices. [SCOTT KEELER | Times]
Published August 19

The Orlando and Tampa Bay areas rank No. 2 and No. 4 as hot spots nationwide for new commercial real estate development. That's according to EDR Insight, a Connecticut based company that tracks the due diligence performed by developers wanting to know environmental conditions affecting property before they buy. Due diligence activity rose 16 percent in Orlando and 15 percent in Tampa Bay in 2018 at a time when overall U.S. activity was flat.

"As the real estate recovery continues, investors and developers are looking more closely at Tampa and Orlando, where there are more opportunities to make acquisitions at reasonable prices,'' Diane Crocker, EDR Insight's principal analyst, said in a story in the August Issue of Florida Realtor magazine."

Both Florida markets still have tracts of land suitable for residential development, and that drives interest in commercial assets, including retail and office properties.''

Contact Susan Taylor Martin at smartin@tampabay.com or (727) 893-8642. Follow @susanskate.

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