April 24, 2014
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 ditgital 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

Rising Tide Car Wash
Rising Tide Car Wash

John D’Eri co-founded the Rising Tide Car Wash to show what his son and others on the autism spectrum can accomplish. Click video to view and see our profile here.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

How quickly must we act to protect Florida's dying springs?

  • Immediately - Florida's House and Senate must pass SB 1576
  • Not a priority - issue can be postponed
  • This shouldn't even be on the agenda

See Results

Ballot Box
Subscribe