Tampa Bay Land Market Overview

QUARTERLY REPORT Q2 2021 Q1 2024

ERHARDT’S TAMPA BAY LAND MARKET OVERVIEW

Bruce K. Erhardt, ALC Executive Managing Director One Tampa City Center Suite 3300 Tampa, Florida 33602 Direct: +1 813 204 5312 Mobile: +1 813 230 9005 Fax: +1 813 221 9166 bruce.erhardt@cushwake.com cushwakelandfl.com/tampa

ERHARDT’S QUICK LOOK AT THE LAND MARKET • In multifamily, we are seeing more activity, at lower prices. • Cushman & Wakefield is looking hard at AI as a tool for brokers and property management. • Live Local, the new state bill which allows multifamily on commercial, industrial, and mixed use zoned land if the project provides a percentage of workforce housing, is getting pushback from some municipalities. • Demography is our destiny.

REAL ESTATE MARKET CYCLE REPORT | 4Q 2023

TAMPA BAY HOUSING MARKET OVERVIEW

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SINGLE FAMILY The builders and land acquisition people are aggressively looking for sites because new home sales continue to be steady and they need lots in 2025 and 2026. Single family for rent is still strong. MULTIFAMILY There is still downward pressure on land values. There is still interest in new development at reduced pricing. I think it will be H2 2024 before land acquisition picks up, or after the second Federal rate cut. Click here for Multifamily National Report. Click here for Matrix Research Bulletin - Multifamily Maturity. RETAIL Same as the last three quarters with outparcels, medical users, and grocery stores being the main purchasers of retail land. INDUSTRIAL There is a shortage of larger developers and smaller owner/user industrial development sites. Hillsborough County needs to move the urban service line to provide more industrial land. Click here for local C&W market statistics. OFFICE 176,790 SF under construction (Midtown East and 400 Central Ave) and 1,288,417 SF planned. The new office buildings are approaching 100% occupancy. Click here for local C&W market statistics. Click here for the Tampa Bay Office Market Beat. HOSPITALITY We continue to see activity from developers looking at CBD, lifestyle, and interstate exit locations. MEDICAL Very active for free standing emergency rooms, hospitals, and medical office buildings.

2024 INCOME LIMITS AND RENT LIMITS EFFECTIVE: FLORIDA HOUSING FINANCE CORPORATION TO VIEW THE REPORT CLICK HERE

CRE STORY LINE MOVES BEYOND INFLATION, RATE HIKES, IMMINENT RECESSION TO VIEW THE REPORT CLICK HERE

LESLEY DEUTCH, JOHN BURNS - DYNAMIC DWELLINGS TAMPA BAY AND SARASOTA HOUSING TO VIEW THE REPORT CLICK HERE

JOHN BURNS PODCAST SPRING SELLING SEASON

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SINGLE FAMILY RENTALS IN BUILD TO-RENT COMMUNITIES

HILLSBOROUGH EXPANSION OF URBAN SERVICE BOUNDARIES

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WALKER WEBCAST - PETER LINNEMAN TO VIEW THE REPORT CLICK HERE

RCLCO 2024 ULI FLORIDA SUMMIT

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