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| Tampa, FL night skyline |
TAMPA, FL -- The
Tampa Bay apartment sector rolls into the third quarter riding the momentum of
positive trends that will sustain strong near-term property performance,
according to a second-quarter analysis by Marcus & Millichap real Estate
Services.
Job creation was robust in the first half of 2013, supported
by a recovery in home sales and home building, and additional retail spending.
In addition, Amazon announced during the second
quarter that it selected the south Hillsborough County community of Ruskin
as the location for a 1 million-square foot warehouse that will employ roughly
1,000 workers.
With the
announcement, the metro’s tested formula of affordability and the presence of a
trained workforce has re-emerged as a driving force for economic growth in the
region.
In the present,
however, strong tenant demand pushed vacancy to less than 6 percent at midyear
for only the second time since the recession began.
Property owners are successfully raising rents as leases
roll over, sometimes substantially. Completions will decrease this year ahead
of an active 2014, when fluctuations in vacancy will occur as new properties
come online in the Central Tampa submarket and in St. Petersburg.
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations
Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
(925) 953-1700 ext.
1716
(510) 999-1284 mobile
(925) 953-1710 fax
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