December 6, 2022
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

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In the parking lot of an abandoned grocery store, a food drive meets needs
In the parking lot of an abandoned grocery store, a food drive meets needs

Over the course of the morning, volunteers will hand out boxes full of produce and pantry items. More than 300 people will walk — or drive — away with cartons of eggs and gallons of milk, bread and pastries and cereal. They’ll leave with bags of bananas, and apples and meats that they’ll feed to their families.

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