Commercial Real Estate Update
We’ve made it halfway through the year, but I keep feeling like it’s only been a couple of months since we embarked upon 2013. In business circles, people are still talking about a momentum and energy that seems to be sticking around and gaining traction.
We feel it in our business as normal market participants enter the market as opposed to only the banks selling off their distress. Yes, in the top commercial districts and certainly in the residential market, somehow we’ve blinked and the “deals” seem to have disappeared. For investors that presents a challenge, but for much of the market that signals a bit of a return towards normalcy…for what it’s worth in the complex, creative, and high stakes sphere of commercial real estate.
Another barometer is that our friendly bankers are back into the market and are beginning to not just talk the talk but to actually be participating in new loan origination, for the right deals of course.
With our focus on Tampa’s City Center and surrounding neighborhoods which are experiencing high demand volume especially in the residential sector, we’re seeing much of this improved demand being driven and multiplied by forces such as energized leadership, events and entertainment, and the desire to be a part of something grand…the renaissance of a great city.