Tampa, St. Pete and Manatee County rank as No. 5 real estate hot spot in the U.S.
Over the last century, Florida’s population numbers have skyrocketed with more and more people migrating to the Sunshine State, making it a boon in the real estate industry.
But among all the markets in Florida, only one ranked in the top five for overall real estate prospects in the Urban Land Institute’s 2022 Emerging Trends in Real Estate report, which looks at nationwide data.
The Tampa/St. Petersburg market, which Bradenton and Manatee County are included in, was listed as No. 5 in overall prospects in the country, while ranking No. 2 in homebuilding prospects.
Manatee County is set to see increases in homebuilding projects, with county administrator Scott Hopes telling the Herald that 50,000 homes were approved for East Manatee.
The Tampa/St. Pete market is also listed as a “Super Sun Belt magnet” city in the ULI report.
“Magnet markets are migration destinations for both people and companies, and most are growing more quickly than the U.S. average in terms of both population and job,” the ULI report said.
Additionally, the ULI report classifies magnet markets as having faster economic growth prospects with higher proportions of millennials and Gen-Xers and relatively fewer seniors and retirees.
A Super Sun Belt is described as large and diverse metro areas, with an average of more than five million residents, that attracts a wide range of businesses through “powerhouse economies.”
By the end of 2021, the Super Sun Belt markets are expected to regain all jobs lost during the COVID-19 pandemic, while the United States is projected to be down nearly two percent, the ULI report said.
The Tampa/St. Pete market ranked as the strongest in the nation in development and redevelopment opportunities. And the report’s survey included the Tampa/St. Pete market having the highest buy recommendation in the country for retail property at 46 percent.
