Resilient: Tampa Bay’s live, work and play offerings shine bright as the region emerges from the global pandemic Characterized by miles and miles of Gulf of Mexico coastline, sprawling downtowns teeming with commercial opportunities and quaint suburban areas offering a superb quality of life, the Tampa Bay market is West Central Florida’s place to be. Anchored by major cities such as Tampa, St. Petersburg, and Clearwater, and divided among Hillsborough, Pinellas, Hernando and Pasco counties, all with their own complementary identities, Tampa Bay boasts a growing population of approximately 3.2 million, creating a favorable investing landscape for developers, business owners and residents alike. With deep historical and entrepreneurial roots that date back to 19th century Cuba, Tampa Bay’s penchant for attracting visionaries and business leaders is the cornerstone of the market’s foundation, which has only strengthened in the decade following the Great Recession. Prior to COVID-19, construction and development boomed in the region, attracting the likes of business magnates such as financier and Tampa Bay Lightning owner Jeff Vinik and Microsoft founder Bill Gates, who are betting on the future of the market much like Vicente Martinez-Ybor did circa the 1880s. Today, though still a major tourist destination thanks to its engulfing waters, the Tampa Bay region is 56
| Invest: Tampa Bay 2021 | REAL ESTATE
a major destination for finance, technology, healthcare, agriculture and related industries, all of which are continuously attracting new businesses, investors and residents desiring a combination of a dynamic business environment and a high quality of life. Buoyed by Florida’s tax friendly policies, growing population, currently exacerbated by the exodus away from higher tax states along the Northeast and the West Coast, and efforts to diversify away from the service economy, the same factors that strengthened Tampa Bay’s foundation prior to the coronavirus are allowing the market to successfully weather the ongoing health crisis, demonstrated by early 2021 unemployment rates. Though shaken by COVID-19, the region’s unemployment rate as of February 2021 stood at 4.2 percent, according to the St. Louis Federal Reserve, just slightly higher than a pre-pandemic low of 3.2 percent in February of 2020. While the post-COVID workplace will look much different in the new normal to account for health and wellness and remote working capabilities, thanks to its solid foundation, the Tampa Bay market is slated to continue to attract businesses and residents looking to live, work, and play in one of Florida’s most dynamic regions. ( )
