Tallahassee’s CRE Fundamentals a Bright Spot

Photo by Shutterstock

TALLAHASSEE, FL—While the coronavirus will clearly have a short-term impact on the local commercial real estate community, Tallahassee’s fundamentals were solid going into the crisis, according to a recent report. The area has seen a nearly 19% increase in hotels since 2018. The region also has a low industrial vacancy and a lack of distribution centers in the area has created a tight warehouse market. These were some of the subjects covered during the inaugural Commercial Real Estate Market Report presented by the locally-based NAI TALCOR, which specializes in properties in North Florida, South Georgia and South Alabama.

“Tallahassee’s downtown office market has seen over 100,000 square feet of office space either newly developed or being developed,” NAI TALCOR director, president and broker E. Edward Murray, Jr., Murray said. “However, our office professionals expect this trend to happen every 10 years.”