Commercial Real Estate Outlook for 2021 Optimistic
11 Jan 2021
“Many say the economic fundamentals that made Tampa Bay, Sarasota and Manatee counties and Southwest Florida attractive to businesses and property investors alike remain in place, and that once the coronavirus is staunched the region will regain lost prosperity.”
That’s what is being written in a recent article from the Business Observer entitled Pent-Up Optimism.
“Florida markets in general, and Tampa Bay in particular, are all positioned well to recapture the momentum they had in 2019.”
The article goes on to say that “there is a growing belief that as workers return to offices, the demand for additional space will percolate, reversing a trend toward the open work spaces that have proliferated over the past two decades.”
“Going into 2021, I think we’ll see a tremendous pent-up demand for office space,” says Larry Ritchie, who heads commercial real estate brokerage firm Cushman & Wakefield’s Florida operations.
“A lot of executives are mulling whether Florida makes greater sense for their businesses and for them personally, decisions that are driven by taxes and the lower cost of doing business than in many places. I think that’s going to result in some corporate relocations in 2021.”
Many companies across Tampa Bay have resisted office moves, opting to renew leases for existing space. This allows them to side-step the costs involved in a corporate relocation or even a simple office move within the same building. Companies are trying to reduce as many additional costs as they can.
Additional coverage from the Business Observer show businesses are struggling to pay rent. Struggling businesses are not interested in moving unless they are closing or consolidating. And yes, companies consolidate all of the time (reducing office space leases, redesigning spaces, adding or removing office furniture that better fits the work environment, etc.). Most however, will put off these additional costs as long as possible.
But in 2021, will things be different? If the amount of inquiries we receive here at Office Movers of Florida is an indication, the interest to move has been increasing. Companies in industries of all sorts – healthcare, insurance, law, manufacturing, tech and others have asked us for moving and furniture installation estimates.
What are your business plans for 2021?
Need help moving your office space?
Many companies in Tampa Bay will be moving in 1Q 2021. If that’s your company, we’d be happy to provide those commercial moving services to you and your organization.
Please contact Office Movers of Florida at 813-304-2273.
