X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TALLAHASSEE, FL-Long-term prospects for economic growth and a strong government employment component bode well for the state capital’s multifamily market, according to a report by CB Richard Ellis. The jobless rate for Leon County measured 6.8% in March, well below the 9.7% statewide average.

More than 18,000 rental apartments are available in the Tallahassee market, with a current vacancy rate of 12%, CBRE reports. Units average 1,025 square feet with an average rent of $950 per month.

“Tallahassee’s housing market depression has been relatively mild compared to other cities in Florida,” says Dan Allen, vice chairman of CBRE’s Jacksonville office. “State government, health care and defense sectors are providing a degree of job stability for Leon County.”

Government employs the highest percentage of workers in Tallahassee at 36%, with professional and business services and education employing around 11% each. The city’s largest employers are Florida State University, Tallahassee Memorial Health Care and Florida A&M University.

Nearly 177,000 people worked in the Tallahassee metropolitan area–consisting of Leon, Gadsden, Jefferson and Wakulla Counties–in March, according to the Florida Agency for Workforce Innovation. The average local salary is $31,180.

The city’s living and business costs are lower than the state average, softening the blow for smaller businesses, Allen says. Local companies in growth mode include General Dynamics Land Systems, which has hired at least 200 workers since last summer, and Tai Yang Research Co., which was awarded a US Navy contract to develop high-temperature superconducting equipment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.