NAVIGATION

December 9, 2016
Regional Snapshots - Tallahassee

Photo: Ray Stanyard

A shrinking state government is driving up vacancies in private office properties.

Commercial Real Estate

Regional Snapshots - Tallahassee

Mike Vogel | 9/8/2012

State government, as it shrinks, has been exercising its right to terminate private sector leases to move to state-owned facilities. “Now more than ever, investors, lenders, everyone’s more concerned about that exit capability by the state,” says Lewis Buford, vice president of Tallahassee Land Co. “There is a much higher risk associated with the government.”

Retail looks promising with several national retailers looking in the market, offsetting companies that closed. Some 1,500 apartment units, primarily student housing, are in the works, raising flutters of concern about a bubble.

Chip Hartung, broker/owner of Coldwell Banker Hartung and Noblin, says the market has improved this year. “Overall, Leon County has one of the lowest unemployment rates in the state (7.6%). It definitely hasn’t been the Armageddon a lot of people expected when Rick Scott got elected,” Hartung says.

Tags: Real Estate, Northwest, Commercial Real Estate, Regional Snapshots

Digital Access

DIRECT DIGITAL ACCESS
Add digital to your current subscription, purchase a single digital issue, or start a new subscription to Florida Trend.

TABLE OF CONTENTS
An overview of the features and articles in this month's issue of Florida Trend.

ACCESS THIS ISSUE »

Florida Business News

Florida Trend Video Pick

Mallory Soldner: Your company's data could help end world hunger
Mallory Soldner: Your company's data could help end world hunger

Your company might have donated money to help solve humanitarian issues, but you could have something even more useful to offer: your data. 

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

In Florida, do you think we are heading toward another real estate bubble?

  • No
  • Maybe - when interest rates rise
  • Yes, market is frothy

See Results

Ballot Box
Subscribe