Why
Tampa Bay?
Why
Tampa Bay?
Location Location
Demographics
Business Climate & Drivers
Real Estate Trends
Infrastructure & Access
#1
Mid-sized airport
an anchor of the Southeast
Optimally located on the West coast of Florida, Tampa Bay offers the ability to span the Southeast in under two hours - or you can choose from 84 nonstop destinations offering 252 daily flights. The area also boasts a one-day delivery area to nearly all of Florida and a two-day delivery area to other major Southeastern cities.
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Why Tampa Bay
SOURCE: WALL STREET JOURNAL 2019 BLOOMBERG NEWS JLL Tampa
Why
Tampa Bay?
Tampa’s MSA Location
Demographics
Business Climate & Drivers
2019 population
2010-2019 annual growth
189,512
1.0%
536,023
1.6%
Real Estate Trends
980,444
0.7%
Infrastructure & Access
1,454,648
1.8%
3,160,627
1.4%
HERNANDO COUNTY
PASCO COUNTY
PINELLAS COUNTY HILLSBOROUGH COUNTY
4 Fastest growing th
U.S. Metro Area IN 2018 POPULATION GROWTH.
SOURCE: ESRI, U.S. CENSUS BUREAU
JLL Tampa
Why
Tampa Bay?
Economic snapshot Location
Demographics
Business Climate & Drivers
Real Estate Trends
3.16 M
$219.2 K
2.0%
2.3 %
Current Population
Median Home Value
YoY Population Growth
Annualized 12 Month Job Growth
Infrastructure & Access
36.0
2.9%
$53.9 K
Median Age
Unemployment Rate
Median Household Income
SOURCE: ESRI, U.S. CENSUS BUREAU, FRED, ZILLOW, FLORIDA REALTORS
JLL Tampa
Why
Tampa Bay?
Labor supply and workforce Location
Demographics
Business Climate & Drivers
Real Estate Trends
It’s no secret, one of a firm’s first priorities when choosing a location is access to a plentiful and skilled labor force. For Tampa, that is achieved by a trifecta of influences, from the in-migration of young, skilled workers, investment from wellestablished local firms, and a robust local university pipeline.
Total employment
Unemployment rates Tampa MSA
Infrastructure & Access
These factors have resulted in the addition of over 266,000 jobs coming out of the latest recession, and an unemployment rate that has consistently outperformed both the State and Nation over the last seven years.
Florida
U.S.
14%
1,500,000
12%
1,300,000
10% 1,100,000
4
th
Largest employment growth recovery in U.S. since great recesssion
8% 900,000
6% 700,000
4%
2%
500,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
TAMPA EDC 2016
SOURCE: FLORIDA JOBS, FRED
JLL Tampa
Why
Tampa Bay? Where the Population is Changing
Migration trends Location
Demographics
Business Climate & Drivers
Real Estate Trends
Infrastructure & Access
Florida as a whole, including the Tampa MSA, have been big “winners” in recent migration trends across the United States. In fact, nearly the entire State has seen recent positive population growth, as the area continues to attract residents, workers, and firms.
Percent Population Change by Metropolitan and Micropolitan Statistical Area, 2017-2018
Percent Change
1.81 or more 0.61 to 1.80 0.00 to 0.60 -0.59 to -0.01 Less than -0.59
For Tampa, out migration markets like New York and Chicago have provided the lion’s share of new residents, with additional gains from East Coast locales such as Philadelphia, Pittsburgh, and Boston. Of the total inflow of residents, over 50 percent have come from Northeast and Midwest regions. Net migration to Tampa by region
3
rd
Placed city for net daily migration AMONG U.S. CITIES
Northeast
35.8% Midwest
20.0% 2.0% 0.5%
International Southwest
Note: Metropolitan and micropolitan statistical areas delineated by the Office of Management and Budget as of August 2017.
Source: U.S. Census Bureau, Vintage 2018 Population Estimates.
SOURCE: U.S. CENSUS BUREAU
JLL Tampa
Why
Tampa Bay?
A robust Talent pipeline Location
Over 80 colleges, universities and technical schools in the region contribute to a robust talent pipeline. Whats more, an average of 75% of graduates end up staying in Florida - a majority within the Tampa MSA. This has helped the State of Florida rank #1 for higher education three years running by U.S. News and World Report.
Demographics
UNIVERSITY OF SOUTH FLORIDA Business Climate & Drivers
• 3 area campuses - Tampa, St. Pete, Sarasota • Recognized as a Preeminent Research University • 85% of graduates stay in the State
#1
State for higher education U.S. NEWS & WORLD REPORT
SOURCE: TAMPA BAY EDC, U.S. NEWS & WORLD REPORT
educational institutions in the Tampa area, a figure that swells to over 340,000 when including the larger Central Florida region.
Real Estate Trends
Infrastructure & Access
More than 175,000 students attend one of the numerous, distinguished
• 10,000 enrolled students
• 1,500 enrolled students
• Ranked among the nation’s best institutions by U.S. News & World Report, Forbes, and Princeton Review
• Only Florida accredited public university with an exclusive focus on core STEM disciplines
• Research expenditure: $592 million annually • Innovation/Economic efforts generate more than $400 million in Statewide impact each year • Ranked Top 50 Public Universities nationally
14
colleges
180
majors
50,000+ students
• 68,000 enrolled students
• 56,000 enrolled students
• Leads the State in conferring more than 16,000 degrees each year
• Ranked #7 among top public universities nationally by U.S. News & World Report
JLL Tampa
Why
Tampa Bay?
Innovative programs and partnerships Location
Business Climate & Drivers
Real Estate Trends
Infrastructure & Access
&
&
Demographics
The USF College of Medicine is teaming up with Microsoft to create the first-ever Medical School of Innovation at their new, downtown Morsani College of Medicine at Water Street. Advanced Microsoft technology such as large tablets, interactive whiteboards and Microsoft Teams will be integrated into the college.
“Microsoft sees the opportunity to help advance not only medical education but also collaborative, active learning in higher education as a whole with the USF Health Morsani College of Medicine” Jamie Harper
Microsoft VP of U.S. Education
+
+
Local area firms have identified the importance of cutting edge cyber training and have donated more than $2 million to USF to facilitate those programs. This includes hands on programming and analytics training, tools for graduates to compete in the growing job market, and college research functions.
The University of Tampa houses a 213,000 square foot Innovation and Collaboration building that brings students, faculty and community members together. It also houses the renowned Lowth Entrepreneurship Center and multiple cyber security labs.
The new 395,000 square foot USF Morsani College of Medicine at Water Street will be a state of the art facility hosting over 1,800 students. The college has partnered with Tampa General Hospital to advance the fast growing health care and biotech presence in Tampa.
USF and Jabil announced a $1 million partnership to launch the USF Jabil Innovation Institute. Jabil will be leasing space at the Tampa Bay Technology Incubator (TBTI) in USF’s Research Park, where USF students and faculty will collaborate with Jabil teams, gaining real-life experience developing solutions to critical business and technology issues.
“We look forward to growing the Institute so that it serves as a national model for high-impact university-industry partnerships... We are leveraging our strengths at the right time and right place -- a Tampa Bay region that is continuing to build momentum as a creative, hightech destination for the next generation of the technology-savvy workforce”
Steve Currall USF President
JLL Tampa
Why Cost of living Location
Tampa Bay?
Hover over city names to compare
Seattle
Tampa’s cost of living is one of the lowest among large U.S. metros.
Boston
(U.S. average is indicated by a value of 100).
New York City
Demographics Chicago
Business Climate & Drivers
Washington D.C.
Denver
Charlotte Raleigh
Real Estate Trends
Nashville Phoenix Atlanta
Infrastructure & Access
Dallas – Ft. Worth Austin
90.9
106.1 80.4
Tampa
96.9
Tampa MSA Composite Cost Index
Housing
Transportation
Health Care
JLL Tampa
Why
Tampa Bay?
PA TEMP TAM ER E AT AG
UR ES
AV E
Location
R
Quality of life
Home of America’s Top Beach
Demographics
Business Climate & Drivers
Real Estate Trends
82O
SUMMER AVERAGE
77O
FALL AVERAGE
72O
Infrastructure & Access
SPRING AVERAGE
63O
WINTER AVERAGE
#1
Gasparilla events draw 300,000 people per year
Best beach in America
CLEARWATER BEACH SOURCE: TRIP ADVISOR 2019, NOAA
In 2021, Tampa will host it’s third Super Bowl JLL Tampa
Why
Favorable Business Environment Location
Tampa Bay?
Florida’s tax advantages and incentives attract firms from a variety of industries every year. It’s simply cheaper to operate in Florida than in other peer cities.
Demographics
Business Climate & Drivers
No corporate income tax on limited partnerships or S-corps and no state income tax.
Real Estate Trends
Infrastructure & Access
Florida offers Targeted Industry and Workforce Training incentives that provide tax credits or refunds for jobs created within the State.
Sales and Use Tax exemptions on machinery, R&D labor, electricity used for manufacturing, aerospace, and more.
No State Income Tax
SOURCE: TAX FOUNDATION
JLL Tampa
Why
Tampa Bay?
Tampa overview Location
20%
Demographics
Other
Business Climate & Drivers
3%
Real Estate Trends
Media Infrastructure & Access
26%
Industry Diversity
Professional Services
9% Technology
22% 19% Healthcare
Financial JLL Tampa
Why
Tampa Bay?
Firms finding success
Categorized by number of local employees 5,000 AND OVER
Location
Demographics
Business Climate & Drivers
Real Estate Trends
Infrastructure & Access
2,500-4,999
1,000-2,499
500-999
Amazon Bay Pines VA Healthcare System Busch Gardens Caspers Company Home Shopping Network Humana Jabil James A Haley VA Medical Center Johns Hopkins All Children’s Hospital Nielsen Media Research Progressive Insurance PricewaterhouseCoopers Raymond James Financial Tech Data TECO Energy USAA Verizon WellCare
Bank of America Bright House Networks Capital One Coca Cola DTCC Essilor of America Florida Progress Corp Honeywell MetLife OneTouch Direct Raytheon Rooms To Go Western Reserve Life Assurance
Bankers Financial Corporation Bisk Education Bristol-Myers Squibb CAE USA Military Simulation & Training Compulink Corporation ConnectWise Ford Credit Tampa Business Center Franklin Templeton Investment Gerdau Ameristeel Corp. HealthPlan Services Knowbe4 New York Life Insurance Co. PMSI PSCU Financial Services Inc. Regions Bank SCC Soft Computer Inc. Syniverse The Mosaic Company Valpak Direct Marketing Systems, Inc. JLL Tampa
Why Headquarters in Tampa Bay Company Location
Demographics
Business Climate & Drivers
Real Estate Trends
Infrastructure & Access
Tampa Bay?
Employee Count
Raymond James Financial*
3,500
Tech Data*
3,200
WellCare*
2,800
Jabil*
1,300
Coca-Cola*
1,000
Amscot Financial
1,000
Bloomin’ Brands*
850
Syniverse
850
Rooms To Go
815
New York Life Insurance Co.
800
CAE USA
600
Tampa Armature Works
575
Gerdau Ameristeel Corp.
560
The Mosaic Company*
500
Accusoft
250
Fortune 500 firms that call Tampa Bay home
Checkers GTE Financial Sykes * Fortune 500 Company
JLL Tampa
Why
Tampa Bay?
So...why Tampa Bay? Location
Demographics
Business Climate & Drivers
Real Estate Trends
Of some of the highest growth markets in the U.S., Tampa stands out. Cost Factors
#2 Avg. annual professional wage #1 State income tax rate #1 Cost of living index (U.S. = 100) #1
Avg. monthly apartment rent
Median home sales price Median home price growth (2015-2018)
Tampa
Austin Charlotte
Denver Nashville Phoenix
Raleigh
$68,400
$75,200
$77,800
$79,200
$67,400
$69,000
$74,500
0.0%
0.0%
5.5%
4.6%
3.0%
4.5%
5.5%
90.9
97.0
96.3
110.8
98.8
99.1
93.3
$1,229
$1,322
$1,167
$1,543
$1,255
$1,163
$1,173
$211,000
$341,000
$231,000
$402,000
$263,000
$256,000
$257,000
36%
21%
26%
27%
29%
26%
21%
Market Momentum
Infrastructure & Access
#3 Total labor force
1,573,942
1,217,793
1,379,292
1,681,980
1,081,129
2,521,320
736,264
5 year job growth (#)
152,708
174,653
201,749
216,310
196,951
406,900
102,717
5 year job growth (%)
11.3%
17.4%
17.9%
15.1%
23.0%
20.5%
17.0%
5 year wage growth
10.0%
11.8%
5.6%
12.0%
10.1%
10.2%
10.9%
Unemployment rate
2.9%
2.6%
3.1%
2.2%
2.4%
3.8%
3.1%
702,568
639,706
640,557
905,133
488,254
1,026,656
434,876
31%
44%
36%
45%
36%
32%
48%
3,160,627
2,231,469
2,616,243
2,960,386
1,986,283
4,885,176
1,388,381
Talent
#3 Pop w/ bachelors or higher (#)
Pop w/ bachelors or higher (%)
Generational Diversity
SOURCE: ESRI, U.S. CENSUS BUREAU, FRED, BLS
#2 Total population #3 Population growth (2019-2024) #3 Total Gen Z-Mil-Gen X population
Gen Z-Mil-Gen X growth (2018-2023)/yr
6.8%
14.0%
9.0%
8.4%
9.1%
8.5%
11.2%
1,927,185
1,614,992
1,803,389
2,062,799
1,351,677
3,348,206
988,213
7%
10%
7%
6%
7%
4%
8%
JLL Tampa
Why
Tampa Bay?
The evolution
of how space is utilized Location
Demographics
Business Climate & Drivers
Real Estate Trends
Infrastructure & Access
FLIGHT TO QUALITY
HIGH AMENITIZATION
RIGHTSIZING
As firms continue to use physical office space as a recruitment/ retention tool, demand for high class assets has continued to rise.
Landlords respond in kind to the need for cool/ hip common areas by renovating or adding amenities.
Firms have the ability to make their space more efficient, providing productivity gains and cost savings.
•
Amenities that were “nice to haves” are quickly becoming “must haves”
•
Allow firms to take conference facilities and lounges our of their physical space
•
Upside potential at building sale
•
•
New construction or recently renovated assets
•
Strong building and area amenities
•
Prominent location, access, and signage
•
High growth locales
•
•
Shared building amenities allow firms to remove them from their space Utilizing efficient floor plates and office layouts to reduce total footprint Ability to offset appreciating rents
OPEN FLOORPLANS
TECHNOLOGY
Many tenants are finding closed offices to be inefficient and adverse to collaboration.
One of the biggest drivers in commercial real estate - from how space is leased to how it is used.
•
Open floor plans help allow for greater flexibility
•
App connected buildings, amenities, and services
•
Focus on shared work/collaboration areas
•
•
Shifting buildout from hard costs to furniture, fixtures, and equipment
Greater tenant control of lighting, temperature, and air quality
•
Next generation 5G accessibility
•
Hoteling spaces
JLL Tampa
Why Amenities once luxuries
Tampa Bay?
are now must haves Location
Conference/training
On-site cafe/dining
Demographics
Business Climate & Drivers
Real Estate Trends
Infrastructure & Access
Tenant lounge
Fitness w/ showers JLL Tampa
Why
Tampa Bay?
New construction provides room for growth Location
Demographics
Business Climate & Drivers
Real Estate Trends
Infrastructure & Access
Heights Union
1001 Water
Tampa CBD submarket
Tampa CBD submarket
300,000 SF
385,000 SF
6 Floors
20 Floors
Est. completion of 2020 Q4
Est. completion of 2021 Q2
Developed by SoHo Capital
Developed by SPP
50% leased
6% leased
2 20
2 21
2 19
2 21
2 21
MetWest Three
Midtown One
SkyCenter One
Westshore submarket
Westshore submarket
Westshore submarket
250,000 SF
155,000 SF
270,000 SF
10 Floors
7 Floors
9 Floors
Est. completion of 2019 Q4
Est. completion of 2021 Q2
Est. completion in 2021
Developed by MetLife
Developed by Bromley Co.
Developed by VanTrust
100% leased to PwC
0% leased
40% leased to Aviation Authority
JLL Tampa
Why Tampa International Airport
Tampa Bay?
nonstop destinations Location
Demographics
Business Climate & Drivers
International locations
Real Estate Trends
Infrastructure & Access
8miles, 15minutes from Downtown
1.8
Average million passengers a month
84 nonstop destinations
17
Amsterdam (AMS)) Delta Cancun (CUN) Delta Frankfurt, Germany (FRA) Grand Cayman (GCM) Halifax (YHZ) Air Canada Hamilton (YHM) Havana (HAV) Southwest London Gatwick (LGW) Norwegian Air Marsh Harbour (MHH) Silver Airways Montreal (YUL) Air Canada Nassau (NAS) Silver Airways Ottawa (YOW) Air Canada Panama City (PTY) St. John’s (YYT) Toronto (YYZ) Air Canada Winnipeg (YWG) Zurich (ZHR)
International nonstop destinations
SOURCE: TAMPA INTERNATIONAL AIRPORT
JLL Tampa
Why
Tampa Bay?
$2 billion expansion at Tampa International Airport Location
Demographics
Business Climate & Drivers
Phase I
(2015)
Improvements to accessibility 2.6-million-square-foot rental care center, 1.5-mile people mover, extensive renovations to main terminal
Phase II
(2019)
35-acre commercial development Curbside expansion, office, hotel, gas station
Phase III
(TBD)
Construction of new Airside D 16 new gates for domestic and international flights
Real Estate Trends
Infrastructure & Access
JLL Tampa
Investment in improving our roadways
Location
Demographics
Business Climate & Drivers
Real Estate Trends
Infrastructure & Access
Why
Tampa Bay?
Infrastructure The Florida Department of Transportation has identified a need for local highway and interstate expansion to mitigate traffic congestion across the Tampa area. Infrastructure remains a main priority for Tampa officials with multiple projects currently underway. Five main highways service the Tampa area:
I-4
The main East-West corridor that connects Orlando to Tampa, a distance of 85 miles.
I-275 A North-South expressway that runs north from the heart of Downtown Tampa and southeast to St. Petersburg.
I-75
A North-South interstate that runs along the West Coast of Florida, connecting Naples to Ocala and continuing north through Atlanta.
Veteran’s Expressway A toll road that runs North-South along the west side of Tampa International Airport.
Selmon Expressway An East-West toll road that runs through downtown Tampa and connects to the Gandy Bridge into Pinellas County.
26 Active construction projects
will help improve our transportation network
2019 Self imposed transportation
tax for Hillsborough County will provide $276 million per year for roads, buses and transit JLL Tampa
Why
Don’t take our word for it... “We studied just about every MSA in the country, the geography works for us, the talent is here, it’s an easy place to get to, the quality of life is good, and there are other biopharmas here.”
Location
Demographics
Business Climate & Drivers
Real Estate Trends
Infrastructure & Access
#1
BEST CITY FOR WOMEN OWNED STARTUPS Business.org 2018
TOP 5
BEST BUSINESS CLIMATE STATE OF FLORIDA Tax Foundation 2019
“We were looking for an exceptional pool of talent, a meaningful cultural fit and a global outlook that will work well with our business needs -- Tampa ticked all those boxes. But we have found much more, including a really warm welcome! We have been encouraged by the hospitality of the local economic development team and ... everyone in the business community we’ve met so far and who has extended open arms to us. ”
Tampa Bay?
Michael Frankel
Executive Director, Global Business Solutions
#1
MOST LIVABLE CITY IN AMERICA
#1
MARKET FOR FIRST TIME HOMEBUYERS Zillow 2019
2018 Conference of Mayors
7
FORTUNE 500 COMPANIES CALL TAMPA HOME Fortune 500 List
#4
ATTRACTIVE METRO FOR CORPORATE RELOCATION
PLACED CITY FOR NET DAILY MIGRATION SOURCE: INDIVIDUALLY CITED
AMONG U.S. CITIES U.S. Census Bureau
Jamie Lawless Executive Director
3 YEARS IN A ROW
WITH A 9.5 PERCENT INCREASE IN COLLEGE GRADUATION RATES OVER THE LAST FIVE YEARS U.S. News and World Report 2019
“We chose Tampa for it’s talented work force, strong university presence, the Tampa Bay region’s business climate, economy and quality of life, and availability of the necessary logistics and office facilities”
149 new residents each day
“Johnson & Johnson chose Tampa because of the quality of the people here — people with experience in business services. Smart, talented people. People with multilingual capabilities, this North American regional center is here because you are here.”
Site Selection 2018
Top State for Higher Education
#3
The Tampa MSA ads
Gareth Morgan Senior Vice President
Erin Champlin
Vice President of Global Services
#5
TOP DOMESTIC AIRPORTS Travel + Leisure 2019
JLL Tampa
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