Tampa Real Estate Market Benefits from Business Travel

Published by nora | Filed under Buyer / Seller Tips, Miscellaneous, Real Estate

The continued strength of business travel to Tampa isn’t only helping boost the earnings of hotels, restaurants, car rentals and entertainment in the city; it’s also helping push up the value of Tampa real estate, both commercial and residential.

Hundreds and thousands of dollars that corporate executives spend in Tampa as they complete their mission help in pushing the city’s economy higher, energizing enterprises, including the Tampa real estate sector.

Based on the corporate travel and entertainment spending report by Concur for the second quarter of this year, Tampa is among the 25 most visited cities in the U.S., based on the number of hotel room nights paid during the second quarter by business or corporate executives traveling to these cities.

In Tampa, the average hotel room rate paid was $82.18, the average dining rate paid was $37.39, the average expense for entertainment was $97.87 and the average paid for transportation was $32.92.

Tampa ranked 25th among cities in average hotel room rate, with the city posting an average rate of $37.39. New York posted the highest average hotel room rate, at $198.32. Following were Washington, D.C., Boston, San Francisco, and Chicago, with $172.56, $147.86 and $136.48 and $128.13 as the respective rates.

Three Florida cities made it to the Top 25 Most Visited U.S. Cities list by Concur.

Average hotel room rate:
Orlando — $128.13
Miami — $113.09
Tampa — $82.18

Average dining expense:
Miami — $48.89
Tampa — $37.39
Orlando — $35.00

Average entertainment expense:
Miami — $130.47
Orlando — $124.68
Tampa — $97.87

A significant portion of corporate executives traveling to Tampa are visiting the city for possible business relocation or expansion. Among the advantages and benefits of locating a business in the Tampa area and in other areas in Florida are the following:

Tax advantages. With Florida’s business tax incentives and corporate income tax of 5.5 percent, the Tax Foundation ranked Florida in 2010 as the fifth most business-friendly state in the country.

Great business climate. Florida is the country’s fourth biggest cyber state, fifth in number of start-ups, and a leader in alternative energy industry.

Business relocation incentives. Enterprises opening facilities in Tampa, Plant City and Temple Terrace are given financial help, particularly if they are engaged in job creation industries such as agritechnology, advanced manufacturing, life sciences, biotechnology, sustainable energy, cyber security, aerospace and port and maritime industries.

Find your desired Tampa commercial real estate with the Tampa4U team.