Make us your home page

Tampa Bay lands in middle of metro pack in 2013 real estate outlook

Tampa Bay's real estate prospects in 2013 are better than downtrodden Detroit, Las Vegas and Sacramento, Calif.

But we aren't San Francisco, New York or San Jose, Calif., either, the top-ranking (if high-priced) beauty queens of real estate next year.

The Tampa-St. Petersburg area lands pretty much in the middle at No. 29 in a survey of 51 major markets appearing in the 2013 Emerging Trends in Real Estate. The report was unveiled Wednesday by the Urban Land Institute and PricewaterhouseCoopers, now known as PwC.

"The Tampa-St. Pete market is one where real estate investors will proceed with caution," says Mitch Roschelle, Emerging Trends, co-chair and head of PwC's national real estate advisory practice in New York. But the same market may benefit, he adds, if investors sense the Miami market is overheating again and look for nearby Florida real estate opportunities.

"The enduring low-gear real estate recovery" will continue in 2013, says Emerging Trends. Safe but super-low interest rates increasingly will drive yield-hungry investors away from plain-vanilla financial instruments. And the "ever-seesawing" stock market will push those same investors toward real estate markets coming off recent bottoms.

Within battered Florida, Miami broke through in the survey at a solid No. 12 of national real estate markets. The ranking is based on three measures: investment, development and home-building potential. Orlando ranked 28th, just ahead of Tampa Bay. And Jacksonville, the only other Florida city measured, came in at No. 39.

On a map, the four Florida cities decline from south to north. Miami was ranked as "modestly good" while Tampa Bay and Orlando were deemed "fair" and Jacksonville was called "modestly poor."

Here are the five most interesting nuggets from the 104-page online report:

5 "The amount of foreign capital in New York City and Washington, D.C., is 'breathtaking.' San Francisco, Miami, Los Angeles and Boston also draw attention, but not much heads elsewhere."

4 "Most areas can sustain little if any new commercial construction, given relatively lackluster tenant demand and the generally weak employment outlook."

3 "Office users squeeze more people into less square footage, preferring green buildings with operating efficiencies, while retailers reduce store size in favor of various integrated e-commerce strategies."

2 "The large generation-Y demographic cohort orients away from the suburbs to more urban lifestyles, and these young adults willingly rent shoebox-sized apartments as long as neighborhoods have enticing amenities with access to mass transit."

1 "More intergenerational sharing of housing occurs to pool resources among children (seeking employment), their parents (reduced wages and benefits), and grandparents (limited pensions and savings)."

Bottom line? In real estate, smaller, leaner and more urban trends will all become big drivers in 2013.

Robert Trigaux can be reached at

Tampa Bay lands in middle of metro pack in 2013 real estate outlook 10/17/12 [Last modified: Wednesday, October 17, 2012 10:35pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Legalized medical marijuana signed into law by Rick Scott

    State Roundup

    TALLAHASSEE — Gov. Rick Scott on Friday signed into law a broader medical marijuana system for the state, following through on a promise he made earlier this month.

    Gov. Rick Scott signed legislation on Friday that legalizes medical marijuana in Florida.
  2. Line of moms welcome Once Upon A Child to Carrollwood


    CARROLLWOOD — Strollers of all shapes and sizes are lined up in front of the store, and inside, there are racks of children's clothing in every color of the rainbow.

    At Once Upon A Child, you often as many baby strollers outside as you find baby furniture and accessories. It recently opened this location in Carrollwood. Photo by Danielle Hauser
  3. Pastries N Chaat brings North India cuisine to North Tampa


    TAMPA — Pastries N Chaat, a new restaurant offering Indian street food, opened this week near the University of South Florida.

    The menu at Pastries N Chaat includes a large variety of Biriyani, an entree owners say is beloved by millions. Photo courtesy of Pastries N Chaat.
  4. 'Garbage juice' seen as threat to drinking water in Florida Panhandle county


    To Waste Management, the nation's largest handler of garbage, the liquid that winds up at the bottom of a landfill is called "leachate," and it can safely be disposed of in a well that's 4,200 feet deep.

    Three samples that were displayed by Jackson County NAACP President Ronstance Pittman at a public meeting on Waste Management's deep well injection proposal. The sample on the left is full of leachate from the Jackson County landfill, the stuff that would be injected into the well. The sample on the right shows leachate after it's been treated at a wastewater treatment plant. The one in the middle is tap water.
  5. Honda denies covering up dangers of Takata air bags


    With just a third of the defective Takata air bag inflators replaced nationwide, the corporate blame game of who will take responsibility — and pay — for the issue has shifted into another gear.

    Honda is denying covering up dangers of Takata air bags. | [Scott McIntyre, New York Times]