Middle Market Digest: Early This Week in Florida

MIAMI—Early this week in Florida significant awards go to Marcus & Millichap. Strong numbers are also emerging out of Tampa’s multifamily market. Get all the details.

BY THE NUMBERS

TAMPA—Multifamily deliveries in Tampa are soaring as major redevelopment projects get underway and residential growth spreads outward. Completions this year will reach the highest point since 2002 and keep climbing in the quarters ahead as builders have thousands of units underway with more planned. Although nearly every submarket in the metro is scheduled to receive new inventory in 2017 or 2018, development is heavily concentrated in Central Tampa. Here significant mixed-use developments including the Westshore Marina District and Water Street are underway. These projects will contribute to thousands of new rentals near the city core over the next several years and as multiple buildings begin leasing, vacancy will soften further, inhibiting class A rent gains. (Source: Marcus & Millichap)