Business Growth Expected to Boost Tampa Real Estate Market

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

Job opportunities attract people, who ultimately will buy homes for their families, so the more Tampa companies that expand or the more businesses that relocate to Tampa, the more homes that will be sold.  Indeed, business is intertwined with residential, commercial and industrial real estate.

In May and June this year, there have been developments in Tampa’s business sector that are great for Tampa real estate.  These developments have helped companies expand and create jobs.

Here are some great business developments in the Tampa area in May and June 2012:

Private National Mortgage Acceptance Co. LLC Opens an Office in Tampa

This California-based company, known as PennyMac, plans to hire about 100 employees, including appraisers, underwriters and auditors, to carry out its financial service operation in the area.  PennyMac services and invests in residential mortgage properties.

NexLube Starts Building an Oil Recycling Plant at the Port of Tampa

NexLube Tampa LLC will build a facility at the port that will process about 24 million gallons of used oil every year.  Used oil recycling has been cited by the EPA as among the best uses of a natural resource.  The city of Tampa was chosen as location for the plant because of Tampa’s road network, railroad connections and berths for small- and medium-sized vessels and barges.  The company has also noted that Florida generates more than 120 million gallons of used oil every year.

In addition to creating construction jobs during the building of the recycling plant, NexLube also has stated it will create about 75 jobs with an average annual pay of $60,000.

BioFlorida Opens an Office in Tampa

BioFlorida is a statewide association representing more than 3,000 research organizations and companies in the bioscience, biotechnology, medical equipment and pharmaceutical industries, which together give work to about 61,000 employees.

BioFlorida will help life science companies in the Tampa area through its office at the Tampa Bay Technology Incubator, located on the campus of the University of South Florida.

Vinik Asset Management Relocates from Boston to Tampa

The hedge fund owned by Tampa Bay Lightning owner Jeff Vinik will move to the 31st floor of downtown Tampa’s Sun Trust Financial Centre, which was purchased by Atlanta-based The Brookdale Group in December 2011.  Vinik also owns the Tampa Bay Storm and is a minority owner of the Boston Red Sox. Vinik Asset Management handles almost $5 billion in assets.

Tampa Bay Technology Forum Launches Online Training Portal

This technology association offers information technology courses online at reduced rates to member companies.  It has virtual labs where technology professionals can test their IT skills on live equipment without endangering their company IT systems.

Last year, the Tampa area ranked 32nd among 100 large metro areas in the U.S. in private-sector job growth, based on data released by the U.S. Bureau of Labor Statitics. A total of 10,700 jobs were added to the 2011 job figure.  With the improving job growth rate, the Tampa real estate market is expected to continue recovering.