{"id":1004232572,"date":"2018-06-05T01:25:04","date_gmt":"2018-06-05T09:25:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004232572"},"modified":"2022-12-08T20:15:37","modified_gmt":"2022-12-09T04:15:37","slug":"tampa-office-sector-is-ready-for-new-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/","title":{"rendered":"Tampa Office Sector Ready for New Development"},"content":{"rendered":"

By Timea Papp<\/p>\n

\"Ron<\/a>

Ron Ruffner, David Jacobson<\/p><\/div>\n

The addition of new office product to Tampa, Fla., is not only a step forward for developers and prospective tenants, but it also brings a breath of fresh air in terms of quality space to the supply-constrained Tampa market<\/a> that hasn\u2019t seen new speculative office development in more than 30 years, according to JLL Senior Vice President Ron Ruffner. The Jacobson Family revealed plans for Crown Tower, a 102,355-square-foot office building set to break ground later this year in the fall, and has selected JLL to manage and lease the Class A property.<\/p>\n

Ruffner and developer David Jacobson talked to Commercial Property Executive<\/em> about the Tampa Bay office sector\u2019s current status and how new development will impact the market. They also touched on the type of tenants Crown Tower is looking to attract, as well as the variety of amenities the property will provide upon completion.<\/p>\n

Why are market fundamentals ripe for new office development in Tampa?<\/strong><\/p>\n

Ruffner:<\/strong> It\u2019s been nearly a decade since a speculative Class A office development has even been considered to be built in Tampa. Developers are finally ready to deliver new product since tightening vacancy in downtown, Westshore and surrounding submarkets has pushed rental rates upward, a trend that will only continue as employment economics show steady growth.<\/p>\n

Compared to the last development cycle, there are 250,000 more people in the Tampa Bay labor force. Tampa has also seen the addition of 40,000 new jobs per year for the past two consecutive years. Companies including Bristol Myers Squibb, Johnson & Johnson, Amgen and Mosaic are the more recent employers to bring high-paying jobs to the market. Additionally, Tampa fosters strong residential demographics<\/a> with an impressively affordable cost of living and high quality of life.<\/p>\n

How will new product impact the area\u2019s office market?<\/strong><\/p>\n

Ruffner:<\/strong> New product will help meet the growing demands. It is crucial for the type of live-work-play setting that today\u2019s office users are actively seeking out. It is essential for our market to provide this type of office space if we want to continue to attract marque companies to the region. Crown Tower is well suited to lead the charge for South Tampa.<\/p>\n

\"\"<\/a><\/p>\n

How can older generation office product stay competitive in today\u2019s environment?<\/strong><\/p>\n

Ruffner: <\/strong>Some traditional office tenants will benefit from the cost savings of older office product. Ultimately, a significant capital investment will be required to remain relevant in the long term. Adding new, modern amenities and updating common areas will help older office buildings to remain competitive. More costly challenges will include overcoming functional obsolescence in parking ratios, floorplate efficiency and outdated construction materials.<\/p>\n

What are some of the area\u2019s unique office demand drivers?<\/strong><\/p>\n

Jacobson: <\/strong>South Tampa is a hugely desirable office market. The area\u2019s retail market and residential population are experiencing explosive growth right now, which is attracting new office investment. Crown Tower is strategically located at the midway point between downtown Tampa and Westshore, offering quick access to major thoroughfares, as well as Tampa International Airport. The project is filling a void in South Tampa for quality, Class A office product while placing itself at the center of where tenants want to live, work, play and shop.<\/p>\n

What types of tenants is Crown Tower aiming to attract?<\/strong><\/p>\n

Jacobson:<\/strong> We\u2019re expecting to attract professional services firms\u2014largely, the insurance, banking, finance and legal industries. The development is designed with both workplace optimization and employee satisfaction in mind. Crown Tower will provide a solution for employers looking to attract and retain top talent, while maintaining efficient occupancy costs.<\/p>\n

\"\"<\/a><\/p>\n

What are some of the amenities the project will offer its tenants?<\/strong><\/p>\n

Jacobson: <\/strong>The property will offer 360-degree views of South Tampa, a sky terrace and exterior green spaces. Structural features, including an atrium lobby and covered parking with direct access on the second and third floors, give the property executive appeal. Business-centric advantages include Level 3 and fiber optic cabling options, an on-site post office, on-site maintenance, parking ratios at 4.3 per 1,000 square feet, roundabout drop-off\/pick-up access and planned retail components such as a coffee shop and infant daycare.<\/p>\n

Firms looking to take advantage of South Tampa\u2019s strong market fundamentals will have opportunities for exterior building signage that will increase their company\u2019s visibility within a heavily trafficked intersection and dense banking corridor. Additional amenities include charging stations for electric vehicles and easy access to several public transportation options.<\/p>\n

Images courtesy of JLL and the Jacobson Family<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

JLL Senior Vice President Ron Ruffner and David Jacobson of the Jacobson Family explain why timing is perfect for new office projects in the Central Florida market. <\/p>\n","protected":false},"author":240,"featured_media":1004232600,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21742,21747,21744,1612],"tags":[40476,34664,39179,32796,37993],"class_list":["post-1004232572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-latest","category-office","category-people","category-tampa","tag-cpetalks","tag-amgen-inc","tag-bristol-myers-squibb","tag-jll","tag-mosaic"],"acf":[],"yoast_head":"\nTampa Office Sector Ready for New Development - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tampa Office Sector Ready for New Development\" \/>\n<meta property=\"og:description\" content=\"JLL Senior Vice President Ron Ruffner and David Jacobson of the Jacobson Family explain why timing is perfect for new office projects in the Central Florida market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-05T09:25:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:15:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Final-Rendering-B-01-Aerial.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"827\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Timea-Erika Papp\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/\",\"name\":\"Tampa Office Sector Ready for New Development - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Final-Rendering-B-01-Aerial.jpg\",\"datePublished\":\"2018-06-05T09:25:04+00:00\",\"dateModified\":\"2022-12-09T04:15:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f58a713dcbdcb5aab2648af2aa04d6ae\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Final-Rendering-B-01-Aerial.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Final-Rendering-B-01-Aerial.jpg\",\"width\":827,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tampa Office Sector Ready for New Development\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f58a713dcbdcb5aab2648af2aa04d6ae\",\"name\":\"Timea-Erika Papp\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g\",\"caption\":\"Timea-Erika Papp\"},\"description\":\"Timea is a senior writer covering CRE marketing, tech and real estate trends, as well as industry news in the U.S. Timea was previously a senior associate editor at Multi-Housing News and Commercial Property Executive and has an academic background in law. She has been working in the real estate industry since 2011.\",\"sameAs\":[\"timea-erika.papp@cpe-mhn.com\"],\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/timeaerikapapp\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Tampa Office Sector Ready for New Development - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/","og_locale":"en_US","og_type":"article","og_title":"Tampa Office Sector Ready for New Development","og_description":"JLL Senior Vice President Ron Ruffner and David Jacobson of the Jacobson Family explain why timing is perfect for new office projects in the Central Florida market.","og_url":"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-06-05T09:25:04+00:00","article_modified_time":"2022-12-09T04:15:37+00:00","og_image":[{"width":827,"height":400,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Final-Rendering-B-01-Aerial.jpg","type":"image\/jpeg"}],"author":"Timea-Erika Papp","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/","url":"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/","name":"Tampa Office Sector Ready for New Development - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Final-Rendering-B-01-Aerial.jpg","datePublished":"2018-06-05T09:25:04+00:00","dateModified":"2022-12-09T04:15:37+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f58a713dcbdcb5aab2648af2aa04d6ae"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Final-Rendering-B-01-Aerial.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Final-Rendering-B-01-Aerial.jpg","width":827,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/tampa-office-sector-is-ready-for-new-development\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Tampa Office Sector Ready for New Development"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f58a713dcbdcb5aab2648af2aa04d6ae","name":"Timea-Erika Papp","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g","caption":"Timea-Erika Papp"},"description":"Timea is a senior writer covering CRE marketing, tech and real estate trends, as well as industry news in the U.S. Timea was previously a senior associate editor at Multi-Housing News and Commercial Property Executive and has an academic background in law. She has been working in the real estate industry since 2011.","sameAs":["timea-erika.papp@cpe-mhn.com"],"url":"https:\/\/www.commercialsearch.com\/news\/author\/timeaerikapapp\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Final-Rendering-B-01-Aerial.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004232572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/240"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004232572"}],"version-history":[{"count":10,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004232572\/revisions"}],"predecessor-version":[{"id":1004595032,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004232572\/revisions\/1004595032"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004232600"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004232572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004232572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004232572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}