ORLANDO—Although Tampa's commercial real estate market is hitting on just about all cylinders, that doesn't mean there aren't still challenges. Cresa's Caleb Lewis sees the clearly.

“A challenge will be to see how tenant's react to rising rental rates in the key submarkets of the Tampa CBD, Westshore, Saint Petersburg CBD and Gateway-Carillon,” Lewis tells GlobeSt.com. “Tenant's have been in control of the market since 2008 and that paradigm has shifted in the last 12 months.”

As Lewis sees it, tenants need conflict-free consultant representing their interest as the market evolves. Cresa, of course, represents only tenants.

“In terms of specific submarket weakness, the Interstate 75 market continues to have more vacancy than other major submarkets,” Lewis says. “However, there are several larger requirements circling the market, which if even two of those land, then that submarket could tighten somewhat.”

Pinellas County has its own obstacles. Outside of Downtown Saint Petersburg and Gateway/Carillon, Lewis says the market its still soft with no rental rate growth. 

“In industrial, activity is better, but rental rates are still very low compared to other markets in Florida,” Lewis says. “A common reframe is that Tampa Bay needs more new industrial users coming into the market before rental rates will increase.”