Tampa

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Adam Rosenblatt

Manager - Property Tax

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Tampa Office


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The Tampa-St. Petersburg-Clearwater Core Based Statistical Area (Tampa CBSA), comprised of Hillsborough, Pasco, Hernando, and Pinellas Counties, has a population of nearly 3.3 million. The four county area is the second largest in the state and the fourth largest in the southeast United States. The City of Tampa is the largest incorporated area within the MSA and the seat of Hillsborough County. Clearwater, located just across Tampa Bay, is the second largest incorporated area and is the seat of Pinellas County. Tampa is a part of the metropolitan area most commonly referred to as the Tampa Bay Area.

Much like the rest of Florida, the Tampa CBSA economy continues to recover and evolve from the impacts of the COVID-19 pandemic and the economic crisis that followed. Market volatility continues due to inflation and interest rate hikes, continuing to effect the commerical real estate landscape. With a growing economy driven by business expansions and relocations, exceeding pre-pandemic levels despite wider economic challenges, we can expect to see commercial real estate ownership and investing opportunities continue to expand in the area.  However, high inflation rates persist, with Tampa experiencing double-digit inflation in 2022.

Commercial Real Estate Insights by Asset Class

  • Although there has been a slight uptick in overall vacancy rates, Tampa’s industrial market remains strong, with vacancies still below the five-year average.
  • Tampa office building vacancies are also decreasing year-over-year, with leasing activity in Class-A assets increasing.
  • The Tampa retail market remains strong, as it has been in post-pandemic years, with vacancy rates well below 10%.
  • Multifamily properties are demonstrating resilience and expansion, marked by a notable increase in new supply and a resurgence in rental rates. Vacancy rates are at record lows since the pandemic.

Property Tax Appeals in Tampa

As Florida tax reassessment year occurs every year, it is important that both owners, managers, etc of their assets review the property taxes as the state continues to see on average more than 10% increases on market value year to year since 2022. Invoke Tax Partners’ Tampa Commerical Real Estate team has many years of experience working through reassessments and appeals for commercial real estate of all asset classes. We begin our talks early with the local tax agencies before tax values are finalized. Our main objective is to come to an agreement on fair values before county appraisers send out the proposed tax notices (TRIM) come August, thus avoiding the long appeals process and ensuring fair assessment of your properties. If we do not get the lowest recued assessment, we will communicate that before taking the action needed to file the formal petition to the VAB, or Value Adjustment Board before the September deadline.